US sees nine bank collapses

With five more entities folding up, the total number of American bank failures has touched nine in 2010. Even though the national economy is slowly picking up, banks are still seeing increased defaults in the wake of high unemployment levels. Rattled by the financial meltdown, a whopping 140 banks failed last year -- the maximum in 18 years. Columbia River Bank, Evergreen Bank, Charter Bank, Bank of Leeton and Premier American Bank were shut down on January 22, according to the Federal Deposit Insurance Corporation. The failure of the five entities would cost the FDIC, which insures deposits at over ...

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