US bank regulators brought down the shutters on seven financial institutions on Thursday, thus bringing the total number of bank failures to 52 since the onset of the market crisis last year.

The Federal Deposit Insurance Corp on Thursday closed down seven banks, six of which were controlled by one family in Illinois and followed a similar business model. According to information available on one of its websites, the institutions belonged to the Campbell Group of privately held banks. the FDIC said that the banks had failed because of investments gone bad in collateralized debt instruments.

According to the FDIC, the largest financial institution seized on Thursday was Founders Bank of Worth, Illinois which had around $848.9 million in deposits and whose assets were estimated to be worth about $962.5 million. The PrivateBank and Trust Co of Chicago is slated to take over all the deposits of Founders Bank.

The FDIC is a federal agency which is entrusted with job of monitoring all the problem banks in the country. There has been a sharp rise in the number of bank failures since last year with the deterioration of loan portfolios following the housing market crisis. While there were only three cases of bank collapse in 2007, that number shot to 25 in 2008.