Failed US bank count in 2010 nears 150-mark

As per the latest official data, two banks were shut down on December 10, pushing this year’s failures to 149.

The Federal Deposit Insurance Corporation, which insures deposits at over 8,000 US banks, expects these collapses to cost over $113 million.

Small and medium banks are bearing the brunt of high unemployment levels, which has resulted in increased defaults. Even though the US economy clocked 2.5 per cent growth in the September quarter, the jobless rate hovers around 10 per cent.

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