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1,000 Banks to Fail In Next Two Years: Bank CEO
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1,000 Banks to Fail In Next Two Years: Bank CEO
Published: Thursday, 27 Aug 2009 | 10:29 PM ET Text Size
By: Natalie Erlich
Writer/Producer
The US banking system will lose some 1,000 institutions over the next two years, said John Kanas, whose private equity firm bought BankUnited of Florida in May.
“We’ve already lost 81 this year,” Kanas told CNBC. “The numbers are climbing every day. Many of these institutions nobody’s ever heard of. They're smaller companies.” (See the accompanying video for the complete interview.)
Failed banks tend to be smaller and private, which exacerbates the problem for small business borrowers, said Kanas, who became CEO of BankUnited when his firm bought the bank and is the former chairman and CEO of North Fork bank.
“Government money has propped up the very large institutions as a result of the stimulus package,” he said. “There’s really very little lifeline available for the small institutions that are suffering.”
[link to www.cnbc.com]
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