Six More Banks Close in September

According to the FDIC’s Failed Bank List (http://www.fdic.gov/bank/individual/failed/banklist.html), six more banks closed in September: First International Bank, Citizens Bank of Northern California, Bank of Commonwealth, First National Bank of Florida, Creekside Bank, and Patriot Bank of Georgia.  With these six failures, the count is up to 74 failures year to date.  The failures occurred mainly in the Southeast, with two in Georgia and one each in Florida and Virginia.  There were also failures in California and Texas.  SURPRISE, SURPRISE, SURPRISE, it looks like commercial real estate exposure was the main driver behind the banks’ demised.  Of the total non-performing loans, 82% were CRE loans, 14% residential and the remainder was C&I loans.

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