Rise in Bank Failures Seen: An official...
Rise in Bank Failures Seen: An official of the Federal Deposit Insurance Corp., told a House panel that bank failures are showing signs of rising faster than had been thought. John Bovenzi, deputy to the chairman of the FDIC, which administers the Bank Insurance Fund that is used to pay off depositors at failed banks, said the failures would exhaust the fund unless it gets a cash infusion. The fund had $8 billion left in December. Last year, 169 banks failed and the FDIC had been forecasting 180 bank failures this year.
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