US banks failure, passing 100 mark for 2009

by khalid on 25/10/2009 · 0 comments

US regulators on Friday 23rd October 2009, shut down four small banks, pushing this year’s tally of failed banks to 103, marking the highest annual level of failed institutions since the savings and loan crisis.

The four banks that were shuttered on Friday all had assets under $200 million. The largest bank failure in the current crisis was that of Washington Mutual, which had assets of $307 billion when it was shuttered in September 2008.

The banks that were closed on Friday are Partners Bank in Florida, American United Bank in Georgia, Hillcrest Bank Florida and Flagship Naitonal Bank in Florida.

Those failures brought the number of closings past 100 for the year 2009. There were 25 bank failures in 2008, up from three in 2007.

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