Maverick_27

NEW YORK: Bank failures in the US are increasing by the day, with an average of 10 entities going belly up every month, taking the toll to 69 so far this year. With five more banks collapsing in July 31, a staggering 24 entities were shut down last month, the highest for any month in 2009. Moreover, the number of failures till the end of last month at 69 is more than double that of last year’s 25.

Even as the economy is slowly showing signs of recovery, regional and small banks are bearing the brunt of the recession, primarily on account of increasing defaults due to rising unemployment. The latest ones to collapse last Friday are First State of Altus, Integrity Bank, Peoples Community Bank, First Bankamericano and Mutual Bank, according to the Federal Deposit Insurance (FDIC), which is often appointed receiver of failed entities. The failures of the five banks would cost FDIC nearly $912 million.

Seven banks, each, were closed down on July 2 and July 24. The authorities closed down nine banks in June and seven in May. There were ten bank failures in February. The world’s largest economy is reeling under one of the worst financial turmoils since the 1930s. The FDIC recently said the number of ‘problem banks’ in the US has risen to a 15-year high of 305 in the first quarter of 2009 against 252 in the December quarter last year

US bank failures double in 2009- International Business-News-The Economic Times

I think in the banking industry trust and perception count. If the foreign and local investor does not have trust in ur economy …….. ur banking industry will definitely suffer.

Further country economy and banking sector go hand in hand. If economy is weak…….. banking sector will perform poorly or vice versa.

NJMasti

so that's good news for general public! Isn't it? =)

Maverick_27

@ NJMasti

u selfish .................. expecting a write off of debt ................. lols

NJMasti

^LOL

I have no debt... but I do intent to take advantage of their fall - lol

Maverick_27

hhhhhhhhhhhhhhmmmm .................. mind ful of this fact that failure of banking shakes the very roots of the economy ............... u wanna take big risk 4 such a small gain ............ lols

by the way u live in states ?