FDIC: Bank Profits Surge, Less Put Aside for Credit Losses

U.S. banks earned a profit of $35.3 billion in the third quarter, an $11.5 billion increase from the $23.8 billion in net income reported a year ago, said the Federal Deposit Insurance Corp. The FDIC-insured banks posted their best quarter since the financial crisis of three years ago, and the ninth consecutive quarter that earnings registered a year-over-year increase.

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Florida Bank Failures Up to 16; Total U.S. Closures Hit 96: FDIC

Five more U.S. banks have failed, bringing this year’s total to 96 – and Florida’s tally of closures jumped to 16, the hardest hit state, according to the Federal Deposit Insurance Corp. The FDIC’s latest bank-closure report is also notable for the acquisition of three of the five failed banks by a private-equity group, North American Financial Holdings Inc., based in Charlotte, North Carolina.

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