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 September 17, there were a total of 125 banking failures in the US and Puerto Rico.
The five States with the greatest number of banking failures are Florida with 23, Illinois with 15, Georgia with 14, California with 10 and Washington with 8 These “top five” banking failure states account for 56% of 2010’s total banking failures.
BANKING FAILURES BY STATE
BANKING FAILURES BY STATE AS OF SEPTEMBER 17, 2010
| STATE/LOCATION | NUMBER OF FAILURES -2010 |
| ALABAMA | 1 |
| ARIZONA | 2 |
| CALIFORNIA | 10 |
| FLORIDA | 23 |
| GEORGIA | 14 |
| ILLINOIS | 15 |
| KANSAS | 1 |
| LOUISIANA | 1 |
| MARYLAND | 3 |
| MASSACHUSETTS | 1 |
| MICHIGAN | 4 |
| MINNESOTA | 7 |
| MISSISSIPPI | 1 |
| MISSOURI | 4 |
| NEBRASKA | 1 |
| NEVADA | 4 |
| NEW JERSEY | 1 |
| NEW MEXICO | 2 |
| NEW YORK | 3 |
| OHIO | 2 |
| OKLAHOMA | 1 |
| OREGON | 3 |
| PUERTO RICO | 3 |
| SOUTH CAROLINA | 4 |
| TEXAS | 1 |
| UTAH | 3 |
| VIRGINIA | 1 |
| WASHINGTON | 8 |
| WISCONSIN | 1 |
| TOTAL | 125 |
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