FDIC problem bank list hits 552 as US bank failures reach 116

p67-bair-jpg

The number of institutions on the Federal Deposit Insurance Corporation’s (FDIC) problem list reached 552 banks and saving institutions in the third quarter, its highest number in 16 years.
 
The sharp spike in troubled banks, up from 416 on June 30, brings the number of institutions on the list to heights not seen since December 31, 1993, when there were 575 institutions designated as problem banks.

A further 50 institutions failed during the third quarter, bringing the total number of failures i