Regulators close six more banks; toll for year is 125

Regulators closed six banks Friday, including three more in Georgia.

The latest seizures bring the total for the year to 125, compared with 94 at the same time last year.

The biggest bank to fail this week was Peoples Bank, of Winder, Ga., which had $398.2 million in deposits and $447.2 million in total assets.

The Federal Deposit Insurance Corp. arranged for Citizens & Southern Bank to take over the branches, deposits and assets of all three failed Georgia banks.  In addition to Peoples Bank, it absorbed the Bank of Ellijay and First Commerce Community Bank.

Bank of Ellijay, based in Ellijay, had $160.7 million in deposits and $168.8 million in assets; First Commerce, in Douglasville, had $242.8 million in deposits and $248.2 million in assets. The FDIC and Citizens & Southern will share in any losses on $600 million of the assets held by the three failed Georgia banks.

The other banks seized by regulators on Friday were:

-- Maritime Savings Bank, of West Allis, Wis.

-- ISN Bank of Cherry Hill, N.J.

-- Bramble Savings Bank, of Milford, Ohio.

North Shore Bank, of Brookfield, Wis., took over Maritime's nine branches and $248.1 million in deposits. It also bought $177.6 million of the failed bank's $350.5 million in assets.

New Century Bank, of Phoenixville, Pa., took over ISN's lone branch, along with its $79.7 million in deposits and $81.6 million in assets.

Foundation Bank, of Cincinnati, aborbed Bramble Savings, which had one branch, $41.6 million in deposits and $47.5 million in assets.

Peoples Bank was the lead lender on a failed $100 million real estate development in Arizona. After the property went into foreclosure, the bank sought to sell the 5,600-acre property for less than half of the original loan amount.

blog comments powered by Disqus