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You are here News Economy Two U.S. banks fail, first casualties in 2009

Two U.S. banks fail, first casualties in 2009

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Bank regulators closed two small banks on Friday, the first U.S. banks to fail this year but the latest in an upsurge that began last year as the struggling economy and falling home prices took their toll on financial institutions.

The Federal Deposit Insurance Corp said National Bank of Commerce of Berkeley, Illinois and Bank of Clark County of Vancouver, Washington were closing with other banks taking over their insured deposits.

In 2008, 25 banks were seized by officials, up from just 3 in 2007.

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