While people assume that profits at the big banks will soar this year, the picture is quite the opposite for small banks, where the crisis is still unfolding. As of June 30, there were 416 banks that were on the FDIC's "troubled" list, which Fortune notes is 15-year high and nearly four times the number a year ago. Official actions against institutions have more than doubled in the first eight months of 2009 to 347. 

Regulators have issued 29 prompt corrective action letters as of August versus just 7 a year ago. We can assume that lots of banks are ailing due to soured real estate loans made during the condo boom years. But the magazine also notes that some banks were done in by the failure of Fannie Mae. The preferred stock was essentially wiped out. That left a lot of bank and insurers with huge losses. For whatever reason, capital raising is a must right now. 

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