Now finishing year three into the ‘banking crisis,’ the infant New Year finds 8 of the 10 top ‘problem banks’ located in the West. Washington state is holding down #2 spot.
According to Calculated Risk, Arizona ranks at the top with 45.6% of its institutions having failed or being identified as a problem. Washington is a close second at 45.4%.
Stressed banking states ranking in the top ten include: Nevada (43%), Oregon (40%), Florida (37%), Georgia (34%), California (34%), Utah (32%), Idaho (26%), and Colorado (25%).
According to the news source, the common investment theme was overexposure to commercial real estate lending, particularly residential construction & development loans, and the collapse of real estate markets. Gee… surprise, surprise.