USA - Regulators have closed One more banks in the USA on Friday 5th February 2010.

This takes the total of failed banks in the USA to 16 for the year.

Last year, 2009 140 Banks failed compaired to just 25 banks failing in all of 2008, and only three in 2007.


1. On Friday, February 5, 2010, 1st American State Bank of Minnesota, Hancock, MN was closed by the Minnesota Department of Commerce, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.

All deposit accounts have been transferred to Community Development Bank, FSB, Ogema, MN ("assuming institution") and will be available immediately.  On Monday, February 8, 2010, the former 1st American State Bank of Minnesota locations will reopen as branches of Community Development Bank, FSB