For a normal business to fail during the time of economic downturn is nothing out of the ordinary. However, when banks start to fail, then the public might have more to get concerned about. The total number of failed banks this year in the US has reached a number of 108, as another five banks failed.
The failing banks, situated in Washington, Georgia, and Oregon, with two in Florida, had to be taken over by financial institutions as they shut down their doors. The Federal Deposit Insurance Corporation managed to find buyers for the banks, though the growing rate of closure is a cause for concern.
The FDIC is expecting closures to come to its highest level this year, and not reach the level that was once incurred during the late 1980s. Most of the banks being closed were smaller community banks that succumbed to commercial real-estate loan portfolio failure.
About $335 million of the FDIC’s insurance fund was siphoned due the latest failure of the five banks.
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