Ten US banks bite the dust every month

Reflecting the continuing financial turmoil,the count of failures so far in 2009 is more than three times that of just 25 bank collapses in 2008.

On an average,the total failures this year translates to 10 bank collapses every month.

Other entities that went out of business were eBank,First Coweta Bank and CapitalSouth Bank,according to the Federal Deposit Insurance Corporation (FDIC),which is often appointed as the caretaker of failed entities.

The collapse of the four banks would cost FDIC as much as USD 3.26 billion,with the shutting down of Guaranty Bank alone accounting for USD three billion.

On August 14,the authorities shut down Colonial Bank,the largest bank failure in 2009. The entity had assets worth USD 25 billion as on June 30.

So far this month,12 banks went belly up and the numbers are expected to climb as higher unemployment could result in increased defaults.