US bank fail­ures set 18-year high

The Pak Banker - - Front Page -

NEW YORK: The num­ber of US banks gone into bank­ruptcy this year reached the high­est level since 1992, ac­cord­ing to me­dia re­port.

Washington Post re­ported that 157 US banks failed in 2010, up from 140 in 2009, and it is the high­est level since 1992 when the sav­ings-and-loan cri­sis broke out. Ac­cord­ing to the US Fed­eral De­posit In­surance Corp. (FDIC), num­ber of banks whose weak­nesses "threaten their con­tin­ued fi­nan­cial vi­a­bil­ity" stood at 860 as of Septem­ber 30, the high­est since 1993. The loans that brought them down were pre­dom­i­nantly com­mer­cial loans. -PB News

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