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March 22, 2010 Monday
37 American banks have failed so far in 2010
Figures indicate that 37 banks have failed so far in 2010 in the US.
The figures indicate that on an average, 12 banks have been closed down each month. Despite an economic recovery, high unemployment levels have caused repayment defaults affecting small and medium sized banks in the country.
Banks that collapsed recently are State Bank of Aurora, First Lowndes Bank, Bank of Hiawassee, Appalachian Community Bank, Advanta Bank Corp, Century Security Bank and American National Bank, costing the FDIC USD1.28bn.
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March 22, 2010