NEW YORK ( TheStreet) -- There are hundreds of small banks scattered across America that are buckling under the burden of rising loan defaults and investment losses. As a result, bank failures will accelerate into next year.
The number of undercapitalized banks has increased to 126 from 116 in the second quarter, based on preliminary third-quarter financial results for most U.S. banks and thrifts provided by SNL Financial.
At the same time, it's clear that the country's largest banks, including three that haven't begun to repay government money received the Troubled Asset Relief Program, namely Bank of America (BAC), Citigroup (C) and Wells Fargo (WFC), are going to safely navigate the credit crisis.
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