This week has again seen a big US bank failing, taking the total for the year 2009 to 95. This is nearly four times the 25 banks closed in the whole of 2008 and the full year 2009 total could go well above 100.
The second largest bank in Atlanta, the Georgian Bank was taken into control by the US regulators after the bank failed to meet its commitment on the basic norms. The US FDIC is expected to lose over a billion dollars due to this bank failure.