Problem banks rise to highest level since 1994

The list of problem banks maintained by the Federal Deposit Insurance Commission (FDIC) has soared to 416, the highest level since 1994.

During the previous quarter, the FDIC's problem list grew by more than a third, from 305 banks at the end of March. The assets of problem banks now total $299.8 billion - a 36% increase from the end of March, according to the agency's quarterly industry survey.

There had been 81 US bank failures in the year to date, the highest number since 1992, said FDIC chairman Sheila Bair. "We expect the numbers of problem banks and failures will remain elevated, even as the economy begins to recover," she

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