Lat­est bank clo­sures in Florida, Ge­or­gia lift year’s to­tal to 106

Austin American-Statesman - - BUSINESS & PERSONAL FINANCE -

Reg­u­la­tors shut two banks in Florida and one in Ge­or­gia, lift­ing to 106 the num­ber of U.S. banks to fail this year as the in­dus­try has strug­gled to cope with mount­ing loan de­faults and re­ces­sion.

The Fed­eral De­posit In­surance Corp. took over the banks: Bay­side Sav­ings Bank in Port Saint Joe, Fla., with $66.1 mil­lion in as­sets; Coastal Com­mu­nity Bank, based in Panama City, Fla., with $372.9 mil­lion in as­sets; and North­West Bank and Trust, based in Ac­worth, Ga., with as­sets of $167.7 mil­lion.

With 20 and 11 bank fail­ures this year, re­spec­tively, Florida and Ge­or­gia are among the states with the high­est con­cen­tra­tions of bank col­lapses and where the melt­down in the real es­tate mar­ket brought an avalanche of soured mort­gage loans.

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