It’s unfortunate, but we’re likely to see bank failure #100 tomorrow. Last Friday, Oct. 2, the FDCI announced the 96th, 97th, and 98th bank failures this year, capped by Southern Colorado National Bank:
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $6.6 million…. Southern Colorado National Bank is the 98th FDIC-insured institution to fail in the nation this year, and the third in Colorado. The last FDIC-insured institution closed in the state was New Frontier Bank, Greeley, on April 10, 2009.
The blog CalculatedRisk has an unofficial chart of all banks currently on the FDIC watch list, with 462 banks facing potential resolution by the government. Since we’ve had bank failures every week since the middle of June (with every one of those weeks seeing at least two failures with the exception of 9/25), then it is highly likely that two of the 462 banks will go down tomorrow, pushing us to bank failure #100.
Here is the FDCI’s list of all banks that have failed in the past nine years.