Login
ISCOVER
Staff Reporter
Several more lenders in the United States have been shut down by regulators bringing 2010 total bank failures to 114.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
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.
