Journalism of Courage
Premium
This is an archive article published on July 25, 2010
103 US banks collapse in under 7 months
The count of bank failures in the US has crossed the century-mark in 2010 and as many as 17 entities have folded up so far this month.
Written by Agencies
New Delhi | July 25, 2010 03:57 PM IST
1 min read
The count of bank failures in the US has crossed the century-mark in 2010 and as many as 17 entities have folded up so far this month.
Mostly small and medium banks are bearing the brunt of the collapse,as they continue to wobble under the prolonged sluggishness in financial conditions. On an average,nearly 15 banks have bit the dust every month so far this year.
According to the Federal Deposit Insurance Corporation (FDIC),which insures deposits at over 8,000 banks,as many as 103 entities have gone out of business so far this year. In 2009,a staggering 140 banks were shut down.
On July 23 alone,authorities seized seven banks which would result in an expense of about USD 431 million for the FDIC.
Advertisement
Live Blog
Photos
Top Stories
Advertisement
Must Read
Advertisement
Buzzing Now
TrendingCricketer Rinku Singh accepts he's afraid of ghosts, once ran out of KKR teammate's room screaming 'papa, papa': 'I can't sleep alone'
TrendingRedditor builds Rs 1-crore net worth by 25; works over 60 hours a week as an AI engineer: ‘Am I mentally sound?’
TrendingBengaluru Google engineer says ‘day in the life’ videos from big tech companies only show the honeymoon phase: ‘Real game begins after a year’
- 01
- 02
- 03
- 04
- 05
Advertisement