A tally of bank failures so far this year reveals a troubling trend, but hardly surprising; the number of failures has sharply increased over last year as the economy continues to struggle to regain footing.
The Federal Deposit Insurance Corporation lists 110 banks as having failed through August 13. This compares with 79 bank failures through August of 2009 and 140 bank failures for all of last year. In 2008, 10 banks had failed through August and 25 failed for the entire year.
April has the highest tally so far this year, with 23 failures, followed by July with 22 and March with 19. In 2009, July had the highest tally with 19, followed by August with 15.
So far this month, the FDIC has reported just two banks failures.
Palos Bank and Trust Company in Palos Heights, Ill. with approximately $493.4 million in total assets and $467.8 million in total deposits, was closed. First Midwest Bank in Itasca, Ill. agreed to assume all its deposits.
Ravenswood Bank in Chicago, with approximately $264.6 million in total assets and $269.5 million in total deposits, was also closed. Northbrook Bank and Trust Company in Northbrook, Ill. agreed to assume all its deposits, excluding certain brokered deposits.