7 banks closed in Fla., Ga., Ill., Kan., Ariz

Seven more US banks closed this week bringing the total to 139 banks this year. The largest bank by far is Hillcrest Bank located in Kansas. This bank had over a billion dollars in failed assets. These recent closing now surpasses the number of banks that failed in 2009. This is mostly due to bad loans on commercial and land development. The cost of resolving the bank problem will reach 50 billion dollars.

Are we still out of the recession, or is this just the process of weeding out the smaller unsuccessful banks so we can have a stronger economy?