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Posted: Tuesday, 07 July 2009 12:06PM
Illinois leading nation in bank failures for 2009
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SPRINGFIELD, Ill. (AP) -- Illinois is leading the nation in bank failures so far this year, and a banking group warns that more failures are likely.
Regulators say the state's top ranking is largely because Illinois has more banks than any other state.
Illinois has seen 12 banks fail in 2009. The next highest is Georgia with nine failures and then California with six.
Six of the Illinois failures came last week with the shut down of six banks owned by a single company.
Experts say they were brought down by investments that went bad. All have reopened with new owners.
The Illinois Bankers Association says Illinois has far more banks than any other state, so more failures are likely.
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Copyright 2009 by The Associated Press. All Rights Reserved.
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