More US bank closures in the offing
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Sep 6th, 2010 |
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There have been over 118 bank closures in the US in the year 2010 till last week end, and there are indications of a steep increase in the bank closures in the coming months.
The US FDIC provides the list of weak banks every quarter, and the report for the June quarter issued few weeks bank puts the number of weak banks in US at over 800. A year back it was only at around 500 banks and of that nearly 20% of the banks are out. So as a thumb rule we can expect the bank closures to be in the 130-160 band in the next 12 months. So expect more bank closures, and the resultant negative efforts on the US economy in the coming months.