U.S. Bank Failures Rise to 130 This Year With Collapses in Georgia, New York, Chicago and Ohio

Regulators closed banks in Georgia, New York, Chicago and Ohio on Friday, pushing U.S. bank failures to 130 this year. Assets of more than $1.4 billion and deposits of nearly $9.4 billion from the six banks were turned over to new lenders at a total cost of $2.384 billion to the FDIC’s deposit insurance fund, according to agency statements.

The largest bank to fail was AmTrust Bank in Cleveland.

– Bank Failure #125

The FDIC was named receiver for The Buckhead Community Bank of Atlanta, Georgia, after being closed Friday by the Georgia Department of Banking and Finance. To protect the depositors, the FDIC entered into a purchase and assumption agreement with State Bank and Trust Company, Macon, Georgia, to assume all of the deposits of The Buckhead Community Bank.

The FDIC said The Buckhead Community Bank had total assets of $874.0 million and total deposits of approximately $838.0 million. The failure is expected to cost the FDIC deposit insurance fund an estimated $241.4 million.

The Buckhead Community Bank is the 125th bank to fail in the nation this year, and the 22nd in Georgia. The last FDIC-insured institution closed in the state was United Security Bank, Sparta, on November 6, 2009.

– Bank Failure #126

The FDIC was named receiver for First Security National Bank of Norcross, Georgia, after being closed Friday by the Office of the Comptroller of the Currency. To protect the depositors, the FDIC entered into a purchase and assumption agreement with State Bank and Trust Company, Macon, Georgia, to assume all of the deposits of First Security National Bank.

The FDIC said First Security National Bank had total assets of $128.0 million and total deposits of approximately $123.0 million. The failure is expected to cost the FDIC deposit insurance fund an estimated $30.1 million.

First Security National Bank is the 126th bank to fail in the nation this year, and the 23rd in Georgia. The last FDIC-insured institution closed in the state was The Buckhead Community Bank, Atlanta, earlier today.

– Bank Failure #127

The FDIC was named receiver for The Tattnall Bank of Reidsville, Georgia, after being closed Friday by the Georgia Department of Banking and Finance. To protect the depositors, the FDIC entered into a purchase and assumption agreement with HeritageBank of the South, Albany, Georgia, to assume all of the deposits of The Tattnall Bank.

The FDIC said The Tattnall Bank had total assets of $49.6 million and total deposits of approximately $47.3 million. The failure is expected to cost the FDIC deposit insurance fund an estimated $13.9 million.

The Tattnall Bank is the 127th bank to fail in the nation this year, and the 24th in Georgia. The last FDIC-insured institution closed in the state was First Security National Bank, Norcross, earlier today.

– Bank Failure #128

The FDIC was named receiver for AmTrust Bank of Cleveland, Ohio, after being closed Friday by the Office of Thrift Supervision. To protect the depositors, the FDIC entered into a purchase and assumption agreement with New York Community Bank, Westbury, New York, to assume all of the deposits of AmTrust Bank.

The FDIC said AmTrust Bank had total assets of $12.0 billion and total deposits of approximately $8.0 billion.The failure is expected to cost the FDIC deposit insurance fund an estimated $2.0 billion.

AmTrust Bank is the 128th bank to fail in the nation this year, and the second in Ohio. The last FDIC-insured institution closed in the state was Peoples Community Bank, West Chester, which closed on July 31, 2009.

– Bank Failure #129

The FDIC was named receiver for Benchmark Bank of Aurora, Illinois, after being closed Friday by the the Illinois Department of Financial and Professional Regulation. To protect the depositors, the FDIC entered into a purchase and assumption agreement with MB Financial Bank, National Association, Chicago Illinois, to assume all of the deposits of Benchmark Bank.

The FDIC said Benchmark Bank had total assets of $170.0 million and total deposits of approximately $181.0 million. The failure is expected to cost the FDIC deposit insurance fund an estimated $64 million.

Benchmark Bank is the 129th bank to fail in the nation this year, and the twentieth in Illinois. The last FDIC-insured institution closed in the state was Park National Bank, Chicago, on October 30, 2009.

– Bank Failure #130

The FDIC was named receiver for Greater Atlantic Bank of Reston, Virginia, after being closed Friday by the Office of Thrift Supervision. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Sonabank, McLean, Virginia, to assume all of the deposits of Greater Atlantic Bank.

The FDIC said Greater Atlantic Bank had total assets of $203.0 million and total deposits of approximately $179.0 million. The failure is expected to cost the FDIC deposit insurance fund an estimated $35 million.

Greater Atlantic Bank is the 130th bank to fail in the nation this year, and the first in Virginia. The last FDIC-insured institution closed in the state was New Atlantic Bank, National Association, Norfolk, on August 12, 1993.

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