36 US banks go belly up
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New York: There seems to be no respite for the American banking industry as 36 banks have collapsed so far this year.
A total of 50 banks have gone belly up since the financial crisis turned worse in September 2008, following the bankruptcy of Lehman Brothers.
The latest names to find a place in the list of failed entities are Citizens National Bank, Macomb, and Strategic Capital Bank, Champaign. Both were shut down by the authorities on Friday, a day after the nation witnessed one of the biggest bank failure s in 2009 - the collapse of Florida-based BankUnited.
The number of bank collapses this year is much higher than 25 such failures in 2008. This month alone, six entities have been closed down and three of them - America West Bank, Citizens Community Bank and Silverton Bank were shut down on May 1.
According to the Federal Deposit Insurance Corporation (FDIC), which is often appointed as the receiver of failed banks, Citizens National Bank had assets of $437 million and deposits worth $400 million as on May 13.
As of the same date, Strategic Capital Bank's assets and deposits stood at $537 million and $471 million, respectively.
