US regulators shut 8 more banks

The number of bank failures in the US continues to climb as regulators have shut down eight more banks in the states of Florida, South Carolina and Michigan.

The closed banks were holding $2 billion in combined assets. The latest closures bring the number of US bank closures so far this year to 96.

US regulators closed a total of 140 banks in 2009. Now, experts say that figure will be surpassed this year.

The Federal Deposit Insurance Corporation (FDIC) predicts that bank closures through 2014 will cost it 60 billion dollars.

FDIC Chairman Sheila Bair told Bloomberg in a recent interview that 2010 is going to be the peak year for bank failures in the US.

Georgia, Illinois and Florida are among the states hit hardest by the banking crisis.