Four more US banks are shut

A FURTHER four banks have been closed by US regulators as small lenders struggle to cope with bad loans.

The move brings the total number of banks closed already this year to 41, the fastest rate of collapse in 17 years.

The number of problem banks being monitored by regulators has reached the highest level since 1992 and the total number of failed banks will almost certainly top 140 this year. Affected banks included the Desert Hills Bank of Phoenix, McIntosh Commercial Bank of Carrollton and Unity National Bank of Cartersville.