The number of bank failures, respectively, in 2009, 2008 and 2007:
Regulators on Friday shut six banks in Georgia and a small bank in New York state, raising to 64 the number of federally insured banks to fail this year…
…With the latest closings, 16 Georgia banks have failed this year, more than in any other state. Most of the failures have involved banks in the Atlanta area, where the collapse of the real estate market brought economic dislocation.
The 64 bank failures nationwide this year compare with 25 last year and three in 2007.
For those keeping score at home, 2009 still has more than 5 months left to run. For most of the last 20 years, bank failures have been in trivial numbers. The record is more than 500, but that was when we essentially shut down the S&L system in 1988 and 1989. We are, on the other hand, rapidly approaching 1932 levels of bank failures.
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