This year’s bank failures far exceed any year’s bank failures since the Federal Deposit Insurance Corp. started publicly counting them in 2000.
On Friday, the FDIC was named receiver for two failed banks: Security Pacific Bank, a $561 million bank based in Los Angeles, and Franklin Bank, a Houston-based thrift with $5.1 billion in assets.
Friday’s closures brought the number of failed banks in 2008 to 19. That’s higher than the bank closures in 2002, which totaled 11.
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And it will likely get worse.