Illinois leading nation in bank failure for 2009
July 23, 2009
By MoneyAisle
According to the Chicago Tribune, Illinois has had more bank failures than any other state in the nation, with more predicted to come.
Banking experts attribute the unusually high number of failures to the fact that Illinois is home to the largest number of banks. The state has 650 banks.
“Half the Illinois failures came last week with the shutdown of six banks owned by a single company, the Campbell Group. As with the failure of AIG and other national institutions, these local banks were brought down by investments that went bad, leaving them without money to operate.”