Most people now assume that the worst of the crisis has passed for big, systemically significant banks. But we cannot say the same for smaller banks, some of which are actually pretty big. So far this year, 69 banks have failed. That number can only rise. More than 300 banks are on the troubled bank list kept by regulators.

Commercial real estate loans are souring, with catastrophic consequences for the likes of Corus. But even those that avoided big bets on Sunbelt condos are facing trouble. Fortune notes that a lot of banks will likely have to hike loan loss reserves even more, which gets harder and harder. The bottom line is that more banks will go down. The question is how many. In some cases, the impact will be locally significant.

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