Featured Stories World News Commentary Money Watch Multimedia Prison Planet U.S. News Science And Technology

7 more US banks close amid financial woes

  • Print The Alex Jones Channel Alex Jones Show podcast Prison Planet TV Infowars.com Twitter Alex Jones' Facebook Infowars store

Press TV
March 20, 2010

Seven more banks have been shut down in the United States, bringing the number of bank failures there to 37 so far this year amid unemployment and bad debts.

The closures took place in the states of Alabama, Georgia, Utah, Ohio, and Minnesota, The Federal Deposit Insurance Corp (FDIC) said Friday.

According to the FDIC, the Advanta Bank Corp of Draper, the Appalachian Community Bank of Ellijay, the Bank of Hiawassee, the First Lowndes Bank of Fort Deposit, the Century Security Bank of Duluth, the American National Bank of Parma and the State Bank of Aurora are amongst the latest victims of liquidation.

The failures are estimated to cost the government’s deposit insurance fund more than one billion dollars.

US regulators have warned that the pace of bank seizures is likely to accelerate in the coming months.

In 2009, 140 American banks were forced to close down over the economic meltdown and mounting loan defaults, prompting more job losses and fueling the recession.

Reports indicate that the relative recovery from the latest financial crisis has only benefitted the largest US banks while smaller institutions are still struggling with large debts.

This article was posted: Saturday, March 20, 2010 at 7:51 am

Infowars.com Videos:

Comment on this article

Comments are closed.

Watch the News

Linda Sarsour is a Complete Idiot See the rest on the Alex Jones YouTube channel.

Music Video Advocates Torturing “Racist” Trump Supporters See the rest on the Alex Jones YouTube channel.

https://www.youtube.com/embed/z8FknvfSInU https://www.youtube.com/embed/yiGXs2fERDU

© 2017 PrisonPlanet.com is a Free Speech Systems, LLC company. All rights reserved. Digital Millennium Copyright Act Notice.