US has seen the collapse of 25 banks this year, with two entities going belly up on average each month.

Reeling under a recession that's getting worse, the US has seen the collapse of 25 banks this year, with two entities going belly up on average each month.
The world's largest economy, which officially entered a recession phase in December last year, has seen the demise of three banks this month.Sanderson State Bank and Haven Trust Bank, both of which were seized by the authorities on Friday, are the latest to join the league of failed entities.Last week, First Georgia Community Bank went bust.According to data available with the Federal Deposit Insurance Corporation, an independent agency of the US government often appointed as receiver of failed banks, 25 banks failed so far this year. On average, it means two bank failures every month.Ironically, in the past eight years, 52 banks went belly up and more than half of them collapsed in the ongoing financial turmoil.As many as 27 banks went bust since September last year, when the economic crisis surfaced in the country's banking sector.The National Bureau of Economic Research (NBER) has said that the US entered a recession phase in December last year, the longest since World War II.There were five bank failures in November, making it the highest in any month this year.Among the five, three entities -- PFF Bank and Trust, Downey Savings and Loan, and The Community Bank -- folded up on November 21. The other two were Security Pacific Bank and Franklin Bank.