After all, Friday is commonly the day when banks bite the dust. That gives the FDIC and the receiving bank, if any, the weekend to allow the dust to settle.
The U.S. added 111 lenders to its list of “problem banks,” a jump that suggests rising bank failures may force the Federal Deposit Insurance Corp. to deplete a reserve fund that shrank 40 percent this year.
A total of 416 banks with combined assets of $299.8 billion failed the FDIC’s grading system for asset quality, liquidity and earnings in the second quarter, the most since June 1994, the Washington-based FDIC said in a report today. Regulators didn’t identify companies deemed “problem” banks.
We’ve gone from MBA’s to MBE’s–Masters of Business Embalming.