Regulators close 2 Georgia banks

By: Associated Press
By: Associated Press

Washington, D.C. (AP) - Regulators have shut down two banks in
Georgia, bringing to 145 the number of U.S. banks that have
succumbed this year under the burden of bad loans and a tepid
economy.

The Federal Deposit Insurance Corp. on Friday took over Darby
Bank & Trust Co., based in Vidalia, Ga., with $654.7 million in
assets, and Tifton Banking Co. of Tifton, Ga., with $143.7 million
in assets. Ameris Bank, based in Moultrie, Ga., agreed to assume
the assets and deposits of the failed banks. The two failures are
expected to cost the deposit insurance fund $160.8 million.

(Copyright 2010 by The Associated Press. All Rights Reserved.)


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