WASHINGTON – Regulators seized seven more banks Friday, including six in Georgia owned by the same company, increasing the number of bank failures to 64 in 2009.
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The six Georgia banks were part of Security Bank Corp. and had assets of $2.8 billion. The failures will cost the FDIC insurance fund $807 million.
Most of the banks’ losses were related to failed real estate loans in the metro Atlanta region.
Also being taken over Friday was Waterford Village Bank, in Clarence, N.Y., which was sold to Evans Bank in nearby Angola, N.Y. Waterford Bank had $61.4 million in assets. The FDIC and Evans Bank agreed to share future losses on $56 million of the failed bank’s assets.
