US closes 3 more banks, 68 so far in 2011

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US closes 3 more banks, 68 so far in 2011
The regulators in the United States shut down three more banks on Friday. The number of bank closures in the US has increased to 68 in the current year as the weak economic recovery in the country has contributed greatly to the failure of small community banks. The number of bank foreclosures in the US stood at 157 last year, while there were 140 bank failures in 2009.

The Federal Deposit Insurance Corporation (FDIC) ,which was created by the US Congress in 1933 to restore public confidence in the country's banking system , said that Lydian Private Bank, Palm Beach, Florida , First Choice Bank, Geneva, Illinois and First Southern National Bank, Statesboro, Georgia were closed on Friday .

As of June 30, 2011, Lydian Private Bank had approximately $1.70 billion in total assets and $1.24 billion in total deposits. As of June 30, 2011, First Choice Bank had approximately $141.0 million in total assets and $137.2 million in total deposits. As of June 30, 2011, First Southern National Bank had approximately $164.6 million in total assets and $159.7 million in total deposits.

Read more about: economy, united states, bank
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