Some 44 banks have been closed in the US so far this year.
(May 28, Washington DC, Sri Lanka Guardian) US banking regulators have closed a Washington state bank, pushing the total number of bank failures so far in 2011 to 44.
On Friday, First Heritage Bank in Snohomish, Washington was shut down by the Federal Deposit Insurance Corporation.
The five branches of First Heritage will reopen as branches of Columbia State Bank on Tuesday, Reuters reported.
The foreclosure is expected to cost the insurance fund USD 34.9 million.
First Heritage Bank had USD 174 million in total assets.
The continued wave of bank failures comes against the backdrop of a sluggish economic recovery and mounds of soared loans that forced regulators to close 73 US banks by this time last year.
Many are facing problems due to their links with the commercial real estate market.
In 2010, 157 banks with total assets of USD 92 billion caved in compared to 140 bank failures in 2009 with total assets of USD 169.7 billion.
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