WASHINGTON – Regulators on Friday took over seven banks in five states, making a total of 37 bank failures so far in 2010.
Friday’s list included the first industrial loan company to go down, Advanta Bank Corp., a $1.6 billion institution based in Draper, Utah, the center of the nation’s ILCs.
The failures also included: $104 million First Lowndes Bank of Fort Deposit, Ala.; $70 million American National Bank of Parma (Ohio); and, $28 million State Bank of Aurora (Minn.). There were three in Georgia, which has become ground zero for bank failures: $230 million Bank of Hiawassee; $1 billion Appalachian Community Bank in Ellijay; and, $82 million Century Bank in Duluth.
Georgia now leads the nation with 35 bank failures since August 2008. Five Georgia banks have failed so far in 2010, and many more are expected to follow.
There were 140 bank failures in 2009.
There have been five credit union failures so far in 2010, following 28 failures last year.
