Six Banks Shuttered, Making 125 Failures In 2010

Register now

WASHINGTON – Banking regulators, which had been quiet the prior two weeks, closed six institutions in four states on Friday, bringing the total number of failures for 2010 to 125.

Friday’s failures included three more Georgia banks: $447 million The People’s Bank, in Winder; $248 million First Commerce Community Bank in Douglasville; and $169 million Bank of Elijay. The assets of all three failed banks were acquired by Community & Southern Bank, Carrollton, which was formed in January when it acquired failed First National Bank of Georgia. Community & Southern also purchased failed Appalachian Community Bank of Ellijay from the FDIC in March.

Also closed Friday were: Maritime Savings Bank, a $350 million bank in West Allis, Wis.; ISN Bank, an $82 million bank in Cherry Hill, N.J. and Bramble Savings Bank, a $47 million institution in Milford, Ohio.

For reprint and licensing requests for this article, click here.