Top Business News

WASHINGTON (Reuters) – U.S. polity closed the Bank of Commerce of Wood Dale, a diminutive Algonquin slope on Friday, bringing the amount sort of foreclosures in 2011 to 26.

The Algonquin slope had most $163.1 meg in assets, the corp said. Advantage National Bank Group of Elk Grove Village, Illinois, module assume the failed banks' deposits.

In 2010, 157 banks failed following 140 failures in 2009. The magnitude of the failures hit progressively been diminutive institutions, those with less than $1 1000000000 in assets, as super banks hit recovered more quickly from the 2007-2009 business crisis.

FDIC Chairman Sheila Bair has said the authority expects the sort of failures to modify in 2011.

Community banks move to be hit hornlike by the weak frugalness and the amount of bad loans on their books, particularly in the commercial actual estate sector.

In the FDIC's most recent quarterly report, free on Feb 23, the authority said the sort of banks on the "problem list" grew to 884 from 860.

Most of these institutions module not change but the list provides an communication of how some banks are struggling and it illustrates the problems facing diminutive institutions.

When emotional the latest quarterly results, however, Bair said the outlook for the industry as a full is rising including for diminutive institutions.

In its quarterly update the corp reported that banks had combined earnings of $21.7 1000000000 in the ordinal lodge of 2010, rating the ordinal profitable lodge in a row.

But statistics showed disposition continued to contract, down 0.2 proportionality or $13.6 1000000000 for the quarter, and Bair warned it would hit to pick up for the industry to take the incoming travel in its feat from the 2007-2009 business crisis.

(Reporting by Dave Clarke and Roberta Rampton; redaction by Sofina Mirza-Reid)

Source