The year 2009 is the worst year on record for US banking industry, with 84 banks going under till last week of August 2009. The figure is more than three times the 25 banks closed in the entire 2008, and over 16 times the five banks closed in entire 2007.
A report released by US FED few days back indicate that there are nearly 400 banks that failed the stability and liquidity tests of the US FED as on date. The list excludes the failed 84 banks and that is really an alarming situation.
Once the interest rates start to harden, there are good chances of more banks going under in the coming months.