Did you think that we were completely out of recession? If you did, then don’t get your hopes too high because seven US banks has just collapsed. They have been taken by US regulators. These failures have raised the numbers of banks failed this year to over 100! The news comes on the same day when seven European banks have failed to pass financial health check.

Mortgage related debts are on the rise and according to experts, that will cause more bank failures in 2010 compared to 2009 (140 bank failures). One of the largest bank that was taken over by the regulators out of the seven banks was Crescent Bank and Trust Company in Georgia. While, the rest of the six banks have only $2bn in assets, Crescent Bank has $1bn by itself.

Now all eyes are set on the European market and its performance. Lets hope we don’t lose too many banks.