On Friday, more American banks were shut down by state regulators, taking the total number of failed banks during the current year to 4, as has been confirmed by the Federal Deposit Insurance Corporation.

While the two small banks closed in Illinois and Minnesota were sold to other lenders, the FDIC failed to secure a buyer for the third closed bank in Utah and instead went ahead to create a bridge bank in order to give customers sufficient time to transfer their money to other facilities.

While the Town Community Bank and Trust in Antioch was shut down in Illinois, St. Stephen State Bank was targeted by state regulators in Minnesota. The bank closed down in Utah was operating as the Kaysville-based Barnes Banking Company.

On Saturday, the one branch of the Illinois bank will reopen as a unit of the First American Bank, and those of St. Stephen State Bank will open as branches of First State Bank.

The latest shut downs for banks have followed a very distressing year for financial institutions, when a total of 140 banks were closed down in 2009.