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Montevideo, September 27th 2023 - 09:43 UTC



Wave of bankruptcies in the US still has not peaked

Saturday, October 24th 2009 - 16:39 UTC
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So far 101 small banks have gone down So far 101 small banks have gone down

With the bankruptcy of Partners Bank, from Florida, and American United Bank, from Georgia, there are now 101 banks in the United States that have declared insolvency so far in 2009 due to the financial crisis, local media sources informed.

After the biggest banks filed for bankruptcy last year during the worst moments of the crisis, in 2009 those who have been most affected are the small banks all over the country.

Analysts are convinced that the wave of bankruptcies has not reached its end yet. In the case of Partners Bank, its clients will be taken up by Stonegate Bank, also from Florida, the Federal Deposit Insurance Corporation (FDIC) announced.

The largest bankruptcy of the year was that of Colonial Bank in August, in Alabama. The largest bankruptcy in US history was last year, when Washington Mutual fell.

With the current evolution, the number of banks that have filed for bankruptcy in the US reaches un-audited levels since 1992, year in which 181 establishments crashed in a year due to the crisis that affected savings.

Categories: Economy, United States.

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