More American banks shut down

Three banks in the United Sates have been shut down by state regulators, bringing the total number of bank failures in 2010 to four.

Town Community Bank and Trust of Antioch, Illinois and St. Stephen State Bank of St. Stephen, Minnesota have failed, the Federal Deposit Insurance Corporation said on Friday.

The Barnes Banking Company of Kaysville, Utah, has also been seized, the Corporation tasked with managing banks in receiverships added.

The three have joined the 141 financial institutions closed since the worldwide recession hit the American economy last year.

The FDIC has advised customers of failed banks to continue to use their existing branch until they receive notice that the takeover has been completed.

They can access their money by writing checks or using ATM machines or debit cards, while borrowers should make mortgage and loan payments as usual, it added.

The Federal Deposit Insurance Corporation, which has insured bank deposits since the Great Depression, currently covers accounts up to $250,000.