NEW YORK, NY -- (Marketwire) -- 06/04/12 -- The U.S. Banking Industry has continued to show signs of recovery coming out of the recent recession. The industry saw just 16 FDIC-insured banks fail in the first quarter of the year, the lowest total since the end of 2008, according to the FDIC's quarterly banking profile. Also, the number of banks at risk of failure fell to 772, the lowest total since the end of 2009, from 813 in the previous quarter. Five Star Equities examines the outlook for companies in the Banking Industry and provides equity research on Bank of America Corp. (NYSE: BAC) and Citigroup Inc. (NYSE: C).
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Last Thursday, the FDIC stated that the U.S. Banking Industry posted a first quarter profit of $35.3 billion, their best since 2007. FDIC-insured banks first quarter profits grew 23 percent ($6.6 billion) from the year prior, marking the 11th consecutive quarter profits have shown a year-over-year increase according to the FDIC. "The condition of the industry continues to gradually improve," said Martin J. Gruenberg, the FDIC's acting chairman. "Insured institutions have made steady progress in shedding bad loans, bolstering net worth and increasing profitability."
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Bank of America recently announced that it has hired more than 70 small business bankers throughout Northern California to provide guidance to local small business owners. The additions are part of the company's previously announced plan to hire approximately 1,000 small business bankers nationwide.
Citigroup recently announced it has sold 404 million common shares in Akbank T.A.S. through an equity offering representing 10.1 percent of the equity interest in the company for TRY 5.24 per share. Total proceeds from the transaction are expected to be approximately US$1.15 billion at the current exchange rate, resulting in an after-tax loss of approximately US$243 million in the second quarter.
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