U.S. bank failures are expected to remain high.
The number of U.S. bank failures in 1987 should not fall sharply from this year, in which there has been near-record closings already, L. William Seidman, chairman of the Federal Deposit Insurance Corp., said. The FDIC’s problem bank list now totals 1,456 and is continuing to grow, he added. So far this year, 117 banks have failed or needed federal assistance to stay afloat, compared to a record 120 for all of last year. Seidman said he expected another 30 or more cases by the end of 1986.
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