Business News
50 US banks closed this year
Apr 17, 2010, 3:24 GMT
Washington - The number of banks that have succumbed to the financial crisis this year hit 50 late Friday, US banking regulators said.
City Bank of Lynnwood, Washington was the 50th bank to join the mainly small, local banks that have closed in 2010, including seven on Friday alone, the Federal Deposit Insurance Corporation (FDIC) said.
Another 140 institutions were forced to shutter their doors last year. If the current rate continues, more banks will close this year than last.
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