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More US banks shut, vowing new peak

8 May 2010 8:15

The US economy faces further bad news as regulators shut down four more financial institutopms, bringing the total number of failed US banks in 2010 to 68.

The Bank of Bonifay, Access Bank of Champlin, Towne Bank of Arizona and First Pacific Bank of California are the latest closures and are expected to cost the deposit-insurance fund over hundreds of millions of dollars.

Many US banks, especially community institutions, are still grappling with large collections of troubled loans, reports indicate.

The largest of the failures on Friday was the San Diego-based First Pacific Bank of California, with approximately $335.8 million in assets and $291.2 million in deposits just ahead of its liquidation, Reuters reported.

Last year, US regulators shut down 140 banks and the Federal Deposit Insurance Corporation says that bank failures in 2010 will exceed even last year’s tally.

US bank closures are expected to peak during this year’s third quarter.

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