US bank closed down

US regulators shut down Ohio’s AmTrust Bank, the fourth-largest American bank to fail this year.

They also closed five others, bringing to 130 the number of US banks to be brought down so far in 2009 by recession and mountains of bad debt.

The Federal Deposit Insurance Corp took over AmTrust Bank, based in Cleveland, with about $12bn (€8bn) in assets and eight billion US dollars in deposits. Its failure is expected to cost the federal deposit insurance fund an estimated $2bn (€1.3bn).

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