Seven more US bank failures bring year's total to 103

Seven more local and regional banks have closed their doors in the United States, bringing the total number of US bank failures to 103 this year, federal bank regulators announced.

The numbers released by the Federal Deposit Insurance Corporation indicate that the failure rate in 2010 was quicker that the year before.

Only 64 banks went under in the United States by this time last year. A total of 140 bank failures were registered in all of 2009, according to the FDIC.

Source: AFP

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