EMEA

After ripping off 11 straight quarters of losses, the Blairsville, Ga., company reported a second-period profit last week. That turned heads.

United Community Banks Inc. is finally back in the black after it unloaded scores of problem assets and raised $380 million of fresh capital.

Jones Bancshares LP agreed to serve as a source of strength to its $405.1 million-asset PrimeSouth Bank in Blackshear, which has been operating under a consent order from the Federal Deposit Insurancce Corp. since Jan. 31.

The Fed announced written agreements with four banking companies: Southern Community (N.C.), First Community (Texas), First Chatsworth (Ga.) and First National (Ala.)

Georgia state regulators shut $103.7 million-asset Mountain Heritage Bank in Clayton on Friday, making it the 48th bank to fail so far this year and 14th failure in Georgia.

Regulators shut the $340 million-asset McIntosh State Bank in Jackson, Ga., and the $98 million-asset First Commercial Bank of Tampa Bay, bringing the failure total this year to 47.

The Federal Deposit Insurance Corp. assessed a fine on the chairman of the Georgia House of Representatives' banking committee in connection with his relationship with a bank in the state.

Fidelity Southern Corp. in Atlanta said Friday that it had raised $14.4 million in a private placement. The $2 billion-asset company also said it sold about 2.2 million shares of common stock at $6.65 a share, or 9.9% of shares outstanding.

Now its patience and determination appear to be paying off. Last Friday Blue Ridge's CertusBank subsidiary got a lot bigger when it received regulatory approval to acquire two failed Georgia banks from the Federal Deposit Insurance Corp.

Three failures late Friday, including a pair in Georgia, cost the Federal Deposit Insurance Corp. an estimated $445 million.