November 5, 2010 – A nationwide drop in real estate values combined with an all time high in mortgage defaults and foreclosures have resulted in banking failures across 28 States. As of November 5, there were a total of 143 banking failures in the US and Puerto Rico.
The five States with the greatest number of banking failures are Florida with 27, Illinois with 16, Georgia with 16, California with 12 and Washington with 11. These “top five” banking failure states account for 57% of 2010’s total banking failures.
The number of banking failures in 2010 now exceeds last year’s total of 140, which was the most since 1992. Four additional banking failures this week brings the year’s total to 143 as regulators closed banks in Maryland, California and Washington.
This week’s four banking failures occurred in three different States as listed below. Please click on the link for detailed information on each bank closing.
K Bank, Randallstown, Maryland – Banking Failure #140
Western Commercial Bank, Woodland Hills, CA – Banking Failure #141
Pierce Commercial Bank, Tacoma, WA – Banking Failure #142
First Vietnamese American Bank, Westminster, CA – Banking Failure #143
BANKING FAILURES BY STATE AS OF NOVEMBER 5, 2010
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