With the banking sector continuing to wobble under financial woes 14 US banks on an average are folding up every month, while the count of troubled entities — those at increased risk of failure — has jumped to 775. Indicating that the problems plaguing American banks are far from over, the Federal Deposit Insurance Corporation (FDIC) recently warned of more failures.
So far this year, a staggering 73 banks have failed, most of them small and medium entities. This figure translates into as many as 14 failures every month in 2010.
Meanwhile, the count of ‘problem’ banks shot up to 775, the highest in nearly 17 years, in the first three months of this year. The same stood at just 702 at the end of 2009.
In May alone, nine entities were shut down.
It is unfortunate to hear the shut down of Banks in U.S.A.