2010 Was A Record Year For Bank Failures

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Photo: Associated Press

With 157 banks collapsing this year, that means more banks failed in 2010 than any year since 1992, the Wall Street Journal reports.The silver lining is that the combined total assets of those 157 banks is $92.1 billion; the 140 banks that failed last year had total assets of $169.7 billion.

And these banks, rather than having failed because they were over-exposed to the sub-prime mortgage crisis, have gone bust because they serve local communities that are struggling in the recession.

Four states claimed half of the failed companies: California, Florida, Illinois or Georgia.

For more go to the WSJ >

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