American banks are falling by the day, with 15 US banks closing shop in January, even as the economy grew at its fastest pace in six years in the fourth quarter...

Bank failures, especially small and medium ones, are rising due to high unemployment levels, which is resulting in increased defaults.

These failures would cost the FDIC, which insures deposits at over 8,000 US banks, as much as $1.86 billion.

Interestingly, the American economy is expanding at a faster rate. In the last three months of 2009, the US GDP grew 5.7 per cent, much higher than 2.2 per cent expansion recorded in the September quarter last year.

Soure: NDTV