FDIC: Number of troubled banks rises to 416
The Federal Deposit Insurance Corp. said Thursday that the number of troubled banks rose to 416 at the end of June from 305 at the end of March. FDIC said this is the largest number of banks on its "problem list" since June 30, 1994, when 434 banks were on the list. Assets at troubled banks totaled $299.8 billion, the highest level since Dec. 31, 1993, the agency said. Banks insured by the FDIC swung to a total quarterly loss of $3.7 billion from last year when they reported a total profit of $4.8 billion. Total reserves of the Deposit Insurance Fund stood at $42 billion, with the contingent loss reserve falling to $10.4 billion from $13 billion over the second quarter.