A STATE OF FAILURE: Florida 4th in nation in bank closures

Source: Bradeton Herald

The number is alarming. Bank failures so far this year have reached 124 — the most in 17 years.

And the latest closures — Century Bank FSB of Sarasota, Naples-based Orion Bank and Commerce Bank of Southwest Florida in Fort Myers — put Florida at fourth in the nation for bank failures. Bradenton alone has had three closures since 2008.

Bank analysts expect the rapid pace of failures to slow in 2010 from an average of 11 closures a month in 2009. Yet they acknowledge the troubled banking system still has much turmoil to face.
“We will continue to see closings but at a slower rate,” said local bank consultant Frank Knautz. “The problems these banks are experiencing are more related to the economic downturn catching up with them as opposed to underlying problems.”

The Federal Deposit Insurance Corp. isn’t projecting how many bank closures lie ahead. However, the FDIC does project bank failures between 2009 and 2013 will cost its deposit insurance fund $100 billion.


Read more: http://www.bradenton.com/news/state/story/1867216.html

esp. in SW Florida. Given the state's population, however, bank failure doesn't seem out of line. I am curious about Georgia receiving the coveted NCAA Division 1 crown.

4th largest state!