The entire year 2008 saw 29 bank closures in US which took the entire world by surprise, but that is getting dwarfed by the massive bank closures so far in 2009. Till August first week, the US regulators have closed down 72 banks across the country owing to the financial crisis.
With the unemployment at a multi decade high of 9.7% as of last month, economists are really worried about the state of the economy, and also the pace of recovery. The US regulators are likely to close at least another 10 to 15 banks in the remaining 20 weeks of 2009.
Only hope is that there will not be a Lehman Bros type of collapse in the future.