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US regulators close 8 banks

17 April 2010 10:26

United States federal bank regulators have shut down eight more banks across the country with assets worth a total of over six billion dollars.

The banks are located in the states of Washington, California, Massachusetts and Florida.

The Friday closures have raised the number of failed US banks since January to 51.

Moreover, the Federal Deposit Insurance Corporation (FDIC) predicts bank failures will peak this year.

The FDIC has sold the assets and liabilities of three failed banks in Florida to Canada’s TD Bank.

At least 140 financial institutions went down across the US during the past year.

The FDIC says the total cost of bank failures from 2009 to 2013 is likely to be $100 billion.

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