Number Of Bay State Banks, Total Assets Shrink In Q2
The number of banks in Massachusetts fell from 175 in 2008 to 166 as of the second quarter, and the total assets of those banks fell from $268.6 billion to $258 billion, according to the Federal Deposit Insurance Corp's quarterly state profile.
Total bank assets, while below 2008's levels, have been on the rise lately and reached a recent low of $248.5 billion in the second quarter of 2009.
Although the number of banks in the state has been falling, Massachusetts adds about 2 new banks per quarter.
Past-due loans were about 2.2 percent of banks' median income during the quarter and have been hovering in that range for about a year.
The report also includes general data that indicates that the number of permits filed for single-family homes increased 44 percent in the second quarter compared to the first quarter. The number of permits for multi-family homes increased by 172 percent after a long string of severe declines, including an 86 percent drop between the first and second quarters of 2009.
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