103 US banks collapse in under 7 months

New Delhi: The count of bank failures in the US has crossed the century-mark in 2010 and as many as 17 entities have folded up so far this month.

Mostly small and medium banks are bearing the brunt of the collapse, as they continue to wobble under the prolonged sluggishness in financial conditions. On an average, nearly 15 banks have bit the dust every month so far this year.

According to the Federal Deposit Insurance Corporation (FDIC), which insures deposits at over 8,000 banks, as many as 103 entities have gone out of business so far this year. In 2009, a staggering 140 banks were shut down.

On July 23 alone, authorities seized seven banks which would result in an expense of about USD 431 million for the FDIC.