A file photo of Federal Deposit Insurance Corporatin Chairman Sheila Bair in Washington, DC. (Chip Somodevilla/Getty Images)The government’s latest list of troubled U.S. banks has increased in number by 53 to 829, according to a new report this week from the Federal Deposit Insurance Corporation (FDIC). The amount is almost double the number of small to medium-sized U.S. banks in hot water at this time last year—416 banks—according to the FDIC.
The banks which make the list are most likely to fail, experts say. "Particularly given economic uncertainties we believe that all banks should continue to exercise caution and maintain strong reserves,” said FDIC Chairman Sheila Bair. “The high level of troubled loans reflects the ongoing challenges that many banks face.” In total, 118 banks have failed in 2010, as of last Friday.
