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Press Trust Of India / ibnlive.in.com / Posted on Aug 14, 2011 at 10:40am IST.
Reflecting the uncertain economic conditions in the world's largest economy, as many as eight US banks on an average are going out of business every month. A whopping 64 American banks have closed down so far this year, translating into an average of eight closures every month, according to official data.
The Federal Deposit Insurance Corporation (FDIC), which insures deposits of around 8,000 American banks, said three entities - The First National Bank of Olathe, Bank of Whitman and Bank of Shorewood - were closed down in August.
Closure of these three banks would cost the Federal agency as much as USD 277 million.
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