The Federal Deposit Insurance Corp. (FDIC) reported 13 bank failures last month, tying April's count for the highest monthly figure since July 2010, Trepp reports.
So far this year, 61 banks have closed their doors. At this pace, the FDIC is looking at approximately 100 closings for the year, Trepp says.Â
Commercial real estate exposure continued to be the main driver behind problem loans at the banks that fail, the data provider says. Commercial real estate loans accounted for $797 million, or 77%, of the total $1.03 billion in nonperforming loans at the banks that closed last month. Construction and land loans made up $480 million of the total, while commercial mortgages made up $317 million of the total nonperforming pool. Â Â Â
The residential real estate loan category was second, with $161 million in nonperforming loans, or 16% of the total nonperforming balance, Trepp reports.
