Number of Banks at Depression Low- Report - Presented by: The Aol. On Network

The number of U.S. banking institutions with door still open is the lowest since the Great Depression. 6,891 federally insured banks were operating through the third quarter, according to the Federal Deposit Insurance Corp. and that's the first time the number has dropped below 7,000 since the 1930s, according to the Wall Street Journal. Smaller banks are being gobbled up by a wave of consolidation, and collapses brought on by the recent financial crisis are also a factor says the report.



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