US bank failures reach 102 this year

Washington:  US bank failures reached 102 so far in 2010 on Friday as regulators seized six small banks, a faster pace of closures than last year when the century mark was not reached until October.

Bank failures are expected to peak this quarter, with the industry slowly recovering from large portfolios of bad loans.

The banks seized on Friday were Sterling Bank of Lantana, Florida; Crescent Bank and Trust Company of Jasper, Georgia; Williamsburg First National Bank of Kingstree, South Carolina; Thunder Bank of Sylvan Grove, Kansas; Community Security Bank, New Prague, Minnesota and SouthwestUSA Bank of Las Vegas, Nevada, according to the Federal Deposit Insurance Corp.