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US bank failures cross 100 this year
Regulators in the US have closed down…
October 24, 2009 12:01 by kippreport
Regulators in the US have closed down 106 banks this year, the maximum since 1992, reports the Associated Press. Seven banks, including three in Florida and one each in Georgia, Wisconsin, Minnesota and Illinois were closed down on Friday, according to the Federal Deposit Insurance Corp (FDIC).
When a bank fails, the FDIC tries to sell off the bank’s assets and cover its liabilities. It uses the insurance fund to cover the rest, says the AP. Bank failures have cost the FDIC’s fund around $25 billion this year and are expected to cost $100 billion through 2013.