Failed US banks reach 100
(26 October 2009 – USA) In just one week seven more US banks have collapsed around the country bringing the total to exceed the 100 mark in 2009.
A total of 106 regional banks have failed in the United States this year, a figure not observed since 1992.
The 100th bank to collapse was Partners Bank of Naples, Florida, which had capital of $US65.5 million (A$71 million), the Federal Deposit Insurance Corporation (FDIC) announced.
The bank was closed on Friday by the Office of Thrift Supervision, which appointed the FDIC as receiver.
Other bank closures that were announced on Friday include, Dupage Bank of Illinois, Bank of Elmwood of Wisconsin, Riverview Community Bank of Minnesota, American United Bank of Georgia and Flagship National Bank of Florida.
Most of the failed banks are small community banks, which suffered when loans to individuals and small business were not repaid after the onset of the crisis.
The 100th bank to collapse was Partners Bank of Naples, Florida, which had capital of $US65.5 million (A$71 million), the Federal Deposit Insurance Corporation (FDIC) announced.
The bank was closed on Friday by the Office of Thrift Supervision, which appointed the FDIC as receiver.
Other bank closures that were announced on Friday include, Dupage Bank of Illinois, Bank of Elmwood of Wisconsin, Riverview Community Bank of Minnesota, American United Bank of Georgia and Flagship National Bank of Florida.
Most of the failed banks are small community banks, which suffered when loans to individuals and small business were not repaid after the onset of the crisis.
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