It was reported today that there was a dramatic increase in the number of problem banks in the nation. At the end of the 4th Quarter the FDIC had increased the number of troubled banks to 702 up from 552 during the prior quarter. Many of us are watching the sector very closely as the commercial loan market is under stress and has not worked it's way through the system yet. It was also noted that the FDIC's reserve fund fell to a NEGATIVE 20.9 Billion Dollars by the end of 2009. Additionally, the Net Charge Off Rate and loans that were at least three months past due were at the highest level in 26 years which is the same period which that type of data has been collected.
The Wall Street Journal has provided an interesting interactive chart & information tracking the banking sector since the fallout began.
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