103 US banks collapse in under 7 months

The count of bank failures in the US has crossed the century-mark in 2010 and as many as 17 entities have folded up so far this month. Mostly small and medium banks are bearing the brunt of the collapse, as they continue to wobble under the prolonged sluggishness in financial conditions. On an average, nearly 15 banks have bit the dust every month so far this year. According to the Federal Deposit Insurance Corporation (FDIC), which insures deposits at over 8,000 banks, as many as 103 entities have gone out of business so far this year. In 2009, a staggering ...

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