With the financial meltdown continuing unabated, the US has already seen the collapse of 16 banks in the last two months -- which is more than one-fourth the total number of failures in the last nine years.
With ten bank collapses in February, a total of 68 banks have failed since 2000 in the US.
Moreover, 16 bank failures this year is more than half of the total collapses in 2008. Last year, a whopping 25 banks went belly up, mainly after the financial crisis turned severe with the bankruptcy of Lehman Brothers in September.
According to the Federal Deposit Insurance Corporation, which is often appointed as the receiver for failed banks, two more entities were closed down on February 27.
With the collapse of Security Savings Bank, Henderson and Heritage Community Bank, Glenwood, the figure has touched 16 so far this year. In January, just six banks had failed.
In addition, the failure of ten banks in February, is the highest for any month in the last nine years.
As on December 5, 2008, Heritage Community Bank had assets worth $232.9 million and deposits to the tune of $218.6 million. On the other hand, Security Savings Bank had assets of about $238.3 million and deposits of $175.2 million, as on December 31.