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More US banks shut down

by Staff Reporter7 minute read
The Adviser

Staff Reporter

Several more lenders in the United States have been shut down by regulators bringing 2010 total bank failures to 114.

Making headlines today, Reuters reported that eight more American banks have been closed down in the past week.

ShoreBank was among the latest list of lenders to be closed down, a Chicago-based lender, which despite multi-million dollar investments from Wall Street heavyweights including Goldman Sachs and Citigroup was unable to seek the funds it needed from the government’s Troubled Asset Relief Program.

According to Reuters, small banks are collapsing at a faster pace this year compared to 2009 but regulators expect the closures to peak this quarter.

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