After so many stimulus given by US Government to the economy under financial bailout program, still banks are shutting their shops due to piles of bad loans. According to the Federal Deposit Insurance Corporation (FDIC), 6 banks shuts this week in Alabama, Georgia, Minnesota and Mississippi, boosting the number of U.S. bank failures this year to 34.
The 6 banks failed this week are..
Bartow County Bank
New Horizons Bank
Rosemount National Bank
Heritage Banking Group
Number of banks failed year-wise are….
2008 – 25 banks failed
2009 – 140 banks failed
2010 – 157 banks failed
2011 – 34 banks failed so far.
By this time last year, regulators had closed 50 banks and this year it is only 34 so it seems that pace of closures is slowed down which is a good sign.Google+