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Number of banks at Depression low: report

Tuesday, December 03, 2013 - 00:51

Dec. 3 - Some 6,891 U.S. banks remained open in the third quarter, the lowest since the 1930s, according to the Wall Street Journal citing data from the Federal Deposit Insurance Corp. Conway G. Gittens reports.

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The number of U.S. banking institutions with door still open is the lowest since the Great Depression. 6,891 federally insured banks were operating through the third quarter, according to the Federal Deposit Insurance Corp. and that's the first time the number has dropped below 7,000 since the 1930s, according to the Wall Street Journal. Smaller banks are being gobbled up by a wave of consolidation, and collapses brought on by the recent financial crisis are also a factor says the report. But tighter regulations are making it tougher for newer banks to come on line at a time when economic growth is sputtering and interest rates sit at historic lows. Bank numbers may be dwindling but total deposits and assets are not. U.S. deposits rose by nearly $600 million in the third quarter, compared with the same period a year ago.

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Number of banks at Depression low: report

Tuesday, December 03, 2013 - 00:51