Three more US banks shut down

US regulators have announced the failure of three more banks in the states of Illinois and Colorado as the country’s financial institutions continue to struggle with the weak economy.

First Chicago Bank & Trust which had $595.3 million in total assets and $887.5 million in deposits was closed by the Illinois Department of Financial and Professional Regulation.

The Colorado Division of Banking shut down Colorado Capital Bank of Castle Rock, Colo. and Signature Bank of Windsor which had $717.5 and $66.7 million in total assets respectively.

The latest failures will cost the Federal Deposit Insurance Fund a combined 590 million dollars and bring the tally of 2011 to 51 banks.

The state of Georgia is leading the US with 14 bank closures in 2011. Since 2008, Georgia has shut down 65 banking institutions, according to ABC News.

The 2011 toll is still lower than that of the first half of 2010 which saw the closure of 157 banks by the end of the year, according The Wall Street Journal.