Bank Failures Hit 106, Could Go As High As 1,000

Posted: October 24, 2009 at 8:14 am

According to information provided by the FDIC, seven more banks failed yesterday, bringing the total to 106 for the year, the most since 1992.  Three of the banks were in Florida.

The number could go much higher. RBC Capital Markets has estimated that more than 1,000 banks will fail over the next three to five years.

In September, the FDIC said it had run out of money and proposed that banks pre-pay their fees to the agency that would be

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