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37 American banks fold up in 2010
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| 22 Mar, 2010
A staggering 37 American banks have folded up in 2010, or an average of 12 entities going bust every month.
The US has seen 15 bank failures, out of which seven collapsed on 19th March alone.
Despite signs of economic recovery, high unemployment levels are resulting in increased defaults, in turn severely hitting the small and medium banks.
The seven entities that collapsed are State Bank of Aurora, First Lowndes Bank, Bank of Hiawassee, Appalachian Community Bank, Advanta Bank Corp, Century Security Bank and American National Bank.
Going by the Federal Deposit Insurance Corporation, the failure of seven banks would cost the agency as much as USD 1.28 billion. The FDIC insures deposits at more than 8,000 banks and also acts as a caretaker of failed entities.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
|
78.25
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75.65 |
| Japanese
Yen |
58.85 |
56.85 |
| As on 13 Aug, 2022 |
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