New York, Oct 11 (PTI) For the first time in more than three months, a week has passed without any US bank failure. Ravaged by the financial meltdown, the count of bank collapses were on the rise, with an average of nearly ten banks going out of business every month in 2009.
Spurring hopes that signs of stabilisation are on the horizon, no bank failures were reported for the week ended October 9 as per data available with the Federal Deposit Insurance Corporation (FDIC). The Federal agency, which insures deposits of over 8,000 American banks, is also often appointed as the caretaker of failed entities.
Since June 19 this year, at least one bank has gone belly up every week and so far this year, a staggering 98 entities have been shut down. The total collapses this year is about four times that of 2008, when just 25 banks bite the dust.
A whopping 61 banks have gone out of business since June 19 and out of them, seven entities each were shut down on July 2 and 24. Five banks each were closed down for the weeks ended September 4, August 14 and July 31.
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