FDIC Monitoring Small Group of Gulf Coast Banks

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00003415-fdic-monitoring-small-group-of-gulf-coast/

By Jeffrey Jones, Reuters

Most banks in the U.S. Gulf Coast areas hammered by last year’s hurricanes have the capital they need to keep operating, although bank regulators are monitoring a small group of institutions, the acting chairman of the Federal Deposit Insurance Corp. said Thursday.

“Based on our assessments now, most of those institutions are doing reasonably well,” the banking regulatory agency’s Martin Gruenberg said. “All of them, as of today, remain well capitalized or adequately capitalized and they are holding their own.”

Gruenberg, speaking to reporters at a conference on banking and the Gulf Coast, said banks’ problems in the aftermath of the deadly storms do not point to immediate economic danger.

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