Six More Bank Failures Make 157 For The Year

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WASHINGTON – Regulators shuttered another six banks in four states, including three more in Georgia, in Friday, making 157 failures so far in 2010.

Friday failures include: $244 million Chestatee State Bank, Dawsonville, Ga.; $242 million United Americas Bank in Atlanta; $68 million Appalachian Community Bank, McCaysville, Ga.; $192 million First Southern Bank, Batesville, Ark.; $32 million Community National Bank, Lino Lakes, Minn.; and $450 million The Bank of Miami, in Coral Gables, Fla.

The six closures will cost the FDIC’s deposit-insurance fund a total of $267.6 million.

Florida has lost 29 banks so far this year, while 21 Georgia banks have failed.

Regulators have closed 322 banks since the start of 2008. This week’s failures may be the final closures for 2010 because regulators seldom shut down banks on holiday weekends. The next two Fridays are Christmas Eve, a market holiday in the U.S., and New Year’s Eve.

There have been 29 credit union failures so far this year, after 28 in 2009.

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