US sees 78 bank failures in 2010

[IndiaInsurance]

With five more US banks biting the dust this week, a whopping 78 entities have folded up their businesses so far this year. Mirroring the financial woes faced by the American banking industry, an average of 15 banks are going bankrupt every month. Recently, the Federal Deposit Insurance Corporation (FDIC), which insures deposits at over 8,000 American banks warned of more failures in the coming months. Authorities shut down five entities on May 28. They are Bank of Florida -- Southwest; Bank of Florida - Southeast; Bank of Florida-- Tampa Bay, Sun West Bank and Granite Community Bank. These failures ...

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