Despite Tumultuous Events, 2001 Financial Results
of Largest U.S. Banks Holding Steady, FDIC Report Shows
FOR IMMEDIATE RELEASE PR-17-2002 (2/13/2002)
Media Contact: Rosemary George (202) 898-6530
Credit quality took center stage at the top 25 U.S. banking organizations in 2001, according to an FDIC report released today. According to the latest issue of FYI, the combined earnings of the 25 largest banking organizations held steady in 2001 despite $16 billion in combined exposure to Enron and Argentina and a record year for U.S. corporate bankruptcies.
The report is based on public sources and does not contain supervisory information. The report says, "Public sources offer a different perspective than that provided by regulatory monitoring, a perspective that is important or large banks in their role as market participants." This issue of FYI links to a report entitled "Twenty-five Largest Banking Companies," which contains a summary analysis as well as a page of data and a merger chronology for each of the top 25 companies.
FYI and "Twenty-five Largest Banking Companies" can both be found on www.fdic.gov. Each issue of FYI contains a "subscribe" link allowing readers to sign up to receive future issues via email. A copy of FYI is attached.
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 9,747 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars - insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov or through the FDIC's Public Information Center (800-276-6003 or (703) 562-2200).