89 US banks shuts shop up in 2009

by khalid on 08/09/2009 · 0 comments

recession

The total number of failures gone to a whopping 89 entities so far this year, as 5 more US banks shut shops on 4th September 2009. In 2008 the total number of failed banks were 25 while this year it is more than three-fold.

According to the Federal Deposit Insurance Corporation (FDIC), the following banks shuts their shops on 4th Septeber 2009, First Bank of Kansas, InBank, Vantus Bank, Platinum Community Bank and First State Bank.

Bank failures are mounting even as the economy is showing tentative signs of recovery slowly. The nation’s jobless rate jumped to a 26-year-high of 9.7 per cent in August. Higher unemployment could result in increased defaults, increasing difficulties for small banks and financial institutions.

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