US sees 141 bank failures in just 11 months

In signs of continuing financial woes, a staggering 141 American banks have gone belly up so far this year, surpassing the total count of bank failures in 2009. The world s largest economy saw the collapse of 140 banks last year, at a time when the country exited one of the worst recessions. Four banks -- Western Commercial Bank, Pierce Commercial Bank, First Vietnamese American Bank and K Bank -- were shut down by the authorities on November 5. According to the Federal Deposit Insurance Corporation (FDIC), which insures deposits at over 8,000 American banks, the latest failures would cost more ...

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