19 American banks have gone belly up in 2008 – how many more to go in 2008-2009?
Smith Bartnie
Nov. 9, 2008

The world's largest economy, the US, has seen the failure of as many as 19 banks in 2008. The current year has already seen the highest number of bank failures in the midst of the United States grappling with one of the worst economic crisis since the Great Depression of 1930s. Prior to 2008, the highest number of bank collapses was recorded in 2002, when 11 such entities failed.

On Friday, Houston-based Franklin Bank SSB and Security Pacific Bank in Los Angeles became the latest bank failures in the US, forcing state authorities to take them under their control.

According some banking analysts, another 100 banks can go belly up in the next four months. Year 2009 would probably be the worst year in American banking history with perhaps more than 50% bank failures across the board. The root cause of the same would be mortgage default, credit card default, commercial mortgage meltdown, and car loan default, business line of credits meltdown, and hedge funds as well as private equity fund failures.

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