Regulators closed on Friday three banks in Florida, one in Georgia, one in Wisconsin, one in Minnesota and one in Illinois, pushing the tally to 106 this year, the highest since 1992.

Partners Bank in Naples, with its $68.7 million in assets plus $63.4 million in deposits, was taken over by the FDIC.

Other failed banks include, Hillcrest Bank Florida, which possessed $83 million in assets plus $84 million in deposits; Flagship National Bank in Bradenton, which had assets of $190 million plus deposits of $175 million; American United Bank in Lawrenceville, which had $111 million in assets plus $101 million in deposits.

Regulators also shuttered down Bank of Elmwood in Racine, with $327.4 million in assets plus $273.2 million in deposits; Riverview Community Bank in Otsego, which had $108 million in assets plus $80 million in deposits; and First Dupage Bank in Westmont, which had $279 million in assets plus $254 million in deposits.

As per CreditSights, around 1,100 banks, which represent 7 per cent of US banking assets, will fail during a period of 2008 to 2011.

Sheila Bair, the chairperson of FDIC also said that country could face more bank failures until the healing process is completed.