Regulators close six more banks; total for the year stands at 157

Regulators seized six more banks Friday, bringing the total number of failures for the year to 157.

 

Three of the closings were in Georgia, which has seen 21 banks and thrifts go under in 2010 and ranks second only to Florida in that department.

 

The biggest bank to fail was the Bank of Miami N.A., based in Coral Gables, Fla. Its three branches and $374.2 million in deposits were acquired by 1st United Bank, of Miami.

 

That bank also took all nearly all of Bank of Miami's $448.2 million in loans and other assets. The Federal Deposit Insurance Corp. agreed to share in any losses on $313.5 million of that amount.

 

The other banks that went under Friday were:

 

n  United Americas Bank N.A., of Atlanta

n  Chestatee State Bank, of Dawsonville, Ga.

n  Appalachian Community Bank, of MacKaysville, Ga.

n  First Southern Bank, of Batesville, Ark.

n  Community National Bank, of Lino Lakes, Minn.

 

State Bank and Trust Co., of Macon, Ga., absorbed United Americas' two branches, $193.8 million in deposits and $242.3 million in assets.

 

Bank of the Ozarks, based in Little Rock, Ark., took over Chestatee State Bank's  branches and business, while Peoples Bank of East Tennessee, in Madisonville, Tenn., absorbed Appalachian Community Bank.

 

Southern Bank, of Poplar Bluff, Mo., took over First Southern Bank's two branches, its $155.8 million in deposits and all $152.8 million of its $191.8 million in assets.

 

Farmers & Merchants Savings Bank, in Manchester, Iowa, took over Community Bank's branches, deposits and assets.

 

The FDIC said the six failures would cost its deposit insurance fund an estimated $267.6 million.

 

 

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