US: 32 banks have collapsed in 2009 till now

New York, May 4: With three US banks closing down in the first days of May, and a total of 32 banks that have folded in the year 2009 till now accounting for the average of six banks' failure in every month of 2009.

The 32 banks shutting down in these few months of 2009 is much higher than the 25 banks that closed down in the year of 2008.

The banks that recently closed down were Silverton Bank, Citizens Community Bank and America West Bank.

A total of 46 banks have fallen since September 2008 which was when the current financial crisis turned severe, following the bankruptcy of Wall Street titan Lehman Brothers.

With these reports there is a sudden realisation of world's largest economy shrinking at a rapid pase.

OneIndia News