US bank failures breach 100 for year

The cost of bank failures to the US Federal Deposit Insurance Corporation (FDIC) fund - which insures deposits - is spiralling to an estimated $25bn so far this year. The latest closures mean more US banks have now failed this year than in any other since 1992. Forecasters expect there are more to come, as banks keep on suffering from the bad loans which led to the financial crisis. However savers' money is safe as the US government backed FDIC insures deposits at abortive banks for up to $250,000 per account. Small community banks make up the largest group of the failures, as t...