The number of bank failures rises to 78 so far this year as 3 banks in Florida, 1 in Nevada, and 1 in California shut down on Friday, May 28. The number of banks expected to fail this year is more than 140, the number of failed banks in 2009.
This year’s total number of closed banks is now 68, twice as many as this time last year. The banks failures occurred in Arizona, California, Florida and Minnesota. FDIC Chairman, Sheila Bair, said recently that the number of closures will likely peak this year at a slightly higher rate than last year.