About 20% of all Michigan-based banks are considered problematic or worse by the bank ratings agency BauerFinancial Inc., another sign of the toll that the deep recession is taking on the state's financial institutions.
At the end of September, 29 of the 141 Michigan-based banks rated by BauerFinancial were considered to be problematic, troubled or worse than troubled. Of those 29, 15 or about half were rated as worse than troubled, BauerFinancial's lowest rating.
Bank difficulties aren't limited to Michigan. Nationwide, more than 130 banks have failed so far this year and 552 others have been labeled problem banks by the Federal Deposit Insurance Corp.
Saturday, December 12, 2009