WASHINGTON, Oct 23 (Reuters) - The total of U.S. bank failures this year reached 100 on Friday, when regulators closed a small Florida bank with 18 employees and one branch.
The Office of Thrift Supervision said Partners Bank of Naples, Florida, had total assets of $68.7 million, a far cry from the largest bank failure of the current crisis -- Washington Mutual, which had assets of $307 billion when it was shuttered in September 2008.
The number of failures so far this year marks the highest annual level of failed institutions since 1992 during the savings and loan crisis.
That number is expected to continue rising this year as the industry tries to get a handle on commercial real estate loans that will continue to deteriorate as more strip malls go vacant and condo developments remain stalled.
(Reporting by Karey Wutkowski, editing by Matthew Lewis) Keywords: FINANCIAL BANKS/FAILURES (karey.wutkowski@thomsonreuters.com; + 1 202 898 8374) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The Office of Thrift Supervision said Partners Bank of Naples, Florida, had total assets of $68.7 million, a far cry from the largest bank failure of the current crisis -- Washington Mutual, which had assets of $307 billion when it was shuttered in September 2008.
The number of failures so far this year marks the highest annual level of failed institutions since 1992 during the savings and loan crisis.
That number is expected to continue rising this year as the industry tries to get a handle on commercial real estate loans that will continue to deteriorate as more strip malls go vacant and condo developments remain stalled.
(Reporting by Karey Wutkowski, editing by Matthew Lewis) Keywords: FINANCIAL BANKS/FAILURES (karey.wutkowski@thomsonreuters.com; + 1 202 898 8374) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.