Fdic, Financial Industry | featured news

Here’s something that may (or may not) surprise about you about banks: They’re raking in profits like it’s 2007. It's not such a rosy environment for banks once you cut a little deeper into the numbers. The latest data from the FDIC show banks taking in net income of $34.5 billion in the second quarter of 2012, that’s up $5.9 billion from from the second quarter of 2011.

The U.S. banking industry posted a $35.3-billion profit in the first quarter of the year, its best performance since 2007, the Federal Deposit Insurance Corp. said Thursday.

A year after the rescue of the financial institutions considered too big to fail, smaller ones are approaching a grim milestone: the 100th failure of 2009.

U.S. regulators closed seven small banks on Friday, a pace matching a one-day total seen earlier in July and bringing the number of failures so far this year to 64.

Citigroup has been negotiating with the FDIC about entering into a so-called memorandum of understanding that lets the bank work out its problems without the glare of outside attention.