Fed May 2010 Bulletin: 120 US commercial banks failed in 2009
The May 2010 Federal Reserve Bulletin, published on Monday, shows a sharp increase in commercial bank bankruptcies in 2009, especially among smaller banks.
The report finds that commercial banks were adversely affected by the economic downturn and disruptions to financial markets caused by the financial crisis, and notes that by 2009 120 commercial banks with assets worth $117.9 billion had failed.
The report said that "very few" new commercial banks were chartered during 2009 and that merger
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