Four banks were closed by regulators last week, which brings the total number of failed banks for the year to 26.

The recent rash of bank failures continues with the FDIC closing five more banks on November 6th, bringing the total number of bank failures in 2009 to 120.  

Perhaps one of the most telling signs of an economy on a downward spiral is the rapid dissolution of its banking industry. For the US, there definitely is a trend that not even the government’s $700 billion bailout package can stop. In fact, the latest news to hit the stands is the rescue package that the government has agreed to release to ailing banking giant Citigroup to the tune of $326 billion, $20 billion in direct investments and $306 billion to guarantee the company’s troubled assets. This crucial deal is one more of the many government moves to support the financial sector, and more importantly, avoid a much-dread collapse of the Citigroup which would further damage investor and consumer confidence in the entire US banking system. The deluge of financial woes on the once largest bank in the US is testament to the reality that even the biggest of them are not immune to the possibility of a bank failure.