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Six US bank fail in one single day

16 April 2011 14:32

Six banks have been closed in several parts of the United States in one single day, bringing the total number of bank failures to 34 in 2011.

US regulators shuttered two banks in the state of Alabama and two others in the state of Georgia on Friday. Two more were closed in Mississippi and Minnesota on the same day, Reuters reported.

Superior Bank in Alabama’s capital, Birmingham, which was closed on Friday with nearly USD 3 billion in assets and USD 2.7 billion in deposits, was the largest bank to be closed in the current year.

Washington Mutual Bank, closed in 2008, is the largest bank, with a total of USD 307 billion in assets, to be seized since the beginning of the US financial crisis.

In 2010, US authorities shuttered 157 banks with an ownership value of USD 92 billion. The figure followed 140 bank foreclosures with total assets of USD 169 billion in 2009.

According to Federal Deposit Insurance Corporation (FDIC) Chairman Sheila Bair, the number of failures is expected to drop through the rest of this year.

The growing number of closures has cost the deposit insurance fund billions of dollars since it started four years ago.

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