Bank / Credit Union
6 banks on downgrade review by Moody's
June 7, 2024
Moody's, a ratings agency has placed six regional banks on review on downgrade due to their high concentration of commercial real estate loans. The banks include First Merchants Corp., F.N.B. Corp., Fulton Financial Corp., Old National Bancorp, Peapack-Gladstone Financial Corp. and WaFD, according to a report by CNBC.
CRE loans are currently facing pressure regarding profitability and high interest rates. In addition, CRE loans are a volatile asset class.
Non-performing CRE loans in U.S. bank's portfolios doubled to 0.81% by the end of 2023, according to the report.
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