Regulators close 2 Georgia banks; 2011 total is 70

September 2, 2011 - 5:40 PM

WASHINGTON (AP) — Regulators have closed two small banks in Georgia, boosting to 70 the number of U.S. bank failures this year.

The Federal Deposit Insurance Corp. on Friday seized Patriot Bank of Georgia in Cumming, Ga., with $150.8 million in assets and $111.2 million in deposits, and CreekSide Bank of Woodstock, Ga., with $102.3 million in assets and $96.6 million in deposits. Atlanta-based Georgia Commerce Bank agreed to assume the assets and deposits of the two failed banks.

The failure of Patriot Bank of Georgia is expected to cost the deposit insurance fund $44.4 million. CreekSide Bank is expected to cost the fund $27.3 million.