Report: 150 publicly traded U.S. lenders identified as meeting threshold to go under

August 15, 2009

(ChattahBox) — A chilling Bloomberg report may be a heads-up for those that do business with 150+ publicly traded U.S. lenders.  As real estate and credit-card defaults surge the banks in question now own nonperforming loans that have hit a a key threshold equaling 5 percent or more of their holdings, a level that former regulators say can wipe out a it’s equity and threaten its survival. According to Bloomberg data, the biggest banks with nonperforming loans of at least 5 percent include Wisconsin’s Marshall & Ilsley Corp. and Georgia’s Synovus Financial Corp., while Michigan’s Flagstar Bancorp. is perhaps the biggest among those exceeding 10 percent. Unfortunately the report does not name most of the 150 lenders on it’s list, to put these figures in perspective, three lenders that failed last week — Florida’s First State Bank and Community National Bank and Oregon’s Community First Bank — all had nonperforming loans above 6 percent and equity ratios below 4.5 percent.


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