Nine US banks go under in one day

This brought the total number of failed banks in the US this year to 115, the largest annual level since 1992, with widespread expectations that more will follow before the end of the year. The nine banks, all owned by the same Illinois holding company, had over 153 branches, combined assets of $19.4bn and deposits of $15.4bn. By number, banks in Georgia account for one-fifth of all U.S. banks closing this year, with 20 failures, followed by Illinois with 19, California with 13, and Florida with nine. The largest institution to fail in the current financial crisis is Washington Mut...