FDIC says number of "problem banks" to increase

05/28/2009 | Financial Times (free content)

About a fifth of the country's banks are in trouble, and more "problem banks" are likely, the Federal Deposit Insurance Corp. said. The 8,200 FDIC-insured banks saw their collective income plunge more than 60% year on year. "The first-quarter results are telling us that the banking industry still faces tremendous challenges and that, going forward, asset quality remains a major concern," FDIC Chairwoman Sheila Bair said. "Bank failures continued to mount, and they will continue to do so."

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