US FDIC closes 7 banks, 2010 total now 37
Sunday, 21 March 2010
WASHINGTON, March 19 (Reuters): Regulators seized seven more US banks on Friday, as high unemployment and troubled loan portfolios continue to weigh on the sector.
The seven failures, which are estimated to cost the government's deposit insurance fund more than $1 billion, bring the 2010 tally to 37 failed institutions. Last year, 140 banks failed. At this week's frantic pace, 365 banks would be shut down by the end of the year.
The seven failures, which are estimated to cost the government's deposit insurance fund more than $1 billion, bring the 2010 tally to 37 failed institutions. Last year, 140 banks failed. At this week's frantic pace, 365 banks would be shut down by the end of the year.