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Eight American banks collapse in Feb

As the financial woes mount in US,the number of failed American banks are climbing.

Written by Agencies | New York | Published: February 22, 2009 1:08:55 pm

As the financial woes mount in the world’s largest economy,the number of failed American banks are climbing,with eight entities going belly up in February alone.

Pushing the total bank failures this year to 14,another entity — Silver Falls Bank,Silverton — has been shut down by the authorities.

In February,the country has witnessed the collapse of eight banks,which is the highest for any month since 2000. The entire January saw failure of six such entities.

The Federal Deposit Insurance Corporation which is often appointed as the receiver for failed banks,shut down Silver Falls Bank on February 20.

The bank had total assets worth 131.4 million dollars and deposits worth 116.3 million dollars as on February 9.

A staggering 14 banks have gone belly up so far in 2009 while just 25 such entities were shut down last year.

In a reflection of the deepening economic recession,a stunning four banks were closed down on February 13. The failed entities on that day were Pinnacle Bank of Oregon,Corn Belt Bank and Trust Company,Riverside Bank of the Gulf Coast and Sherman County Bank.

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