US bank failures set 18-year high
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