EMEA

Repeating a familiar pattern of recent years, banks failed Friday in Georgia and Illinois. Two were closed in Georgia; another, in Chicago, was the city's first failure of 2011.

Atlantic Coast Federal Corp. in Waycross, Ga., said late Monday that it would raise about $17.1 million in its mutual-to-stock conversion.

Fidelity Southern Corp. in Atlanta returned to full-year profitability after earning $3 million in the fourth quarter. The $1.91 billion-asset company lost $3.9 million in 2009 but earned $10.1 million last year.

Colony Bankcorp Inc. in Fitzgerald, Ga., is closing in on break-even quarterly results. The $1.3 million-asset company on Friday reported a fourth-quarter loss of $47,000, compared with a $14.6 million loss a year earlier.

Despite having private-equity commitments, the $2 billion-asset United Western Bank in Denver failed Friday. Regulators also closed banks in the Carolinas and Georgia.

The Federal Deposit Insurance Corp. is targeting directors and executives of another failed bank, but this time the agency has a guilty plea to back its claims of mismanagement.

Regulators Friday closed the $231 million-asset Oglethorpe Bank in Brunswick, Ga., the third failed institution in 2011.

Atlantic Coast Federal Corp. in Waycross, Ga., said it expects to report a fourth-quarter loss of up to $5.5 million.

United Community Banks Inc. in Blairsville, Ga., is deferring interest payments on its trust-preferred securities at the urging of the Federal Reserve.

PAB Bankshares Inc. has announced that it received a prompt corrective action directive from the Federal Reserve due to the "significantly undercapitalized" status of its Park Avenue Bank.