About 18 months ago, bank failures were at the center of the news as storied financial institutions like Washington Mutual, Wachovia, Lehman Brothers, and Merrill Lynch all disappeared as standalone organizations. Media outlets were abuzz with news of these epic failures or last-ditch mergers.
Today, although bank failures continue to happen, they have become commonplace and less newsworthy, especially as there have been fewer large banks in the mix.
But that doesn’t mean that banks are out of the woods – in fact, according to the FDIC quarterly report that recently came out, banks are in a lot worse shape now than they were 18 months ago when banks were making more headlines.
Some highlights of the FDIC Q4 2009 report:
The report did have some positive news though. For example, the overall amount of construction loans that were overdue dropped for the first time in several years.
Such good signs in a gloomy picture like to make us hope that perhaps the worst is behind us, and the industry will turn around soon. However, given some of the statistics in the report, there’s still a lot of evidence that the worse may be yet to come.
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