Bank Failures; The Deal Sheet
|Wow—122 financial institutions have failed in the last two years. It's less than 1831 that fell in the early '90s. But there's a catch (free toasters?), which could make this recession feel worse.|
Most of the failed institutions are community banks, which provide a majority of lending to the real estate industry, according to Holland and Knight's Frank Keldermanns and RSM McGladrey's Michael Sher, panelists at Friday's Chicago Real Estate Council State of the Financial Market. Of the 122 that failed (totaling $467B in assets) they says 90 fell this year.
Ohter experts: RSM McGladrey's Jeremy Henson and Jennifer Seaton, with Peregrine Group's Jon Schultz. RSM McGladrey is preparing a real estate update on tax and legislative issues so real estate pros will know how to file at year end.