Bank failures in Ga., Fla., bring 2012 total to 36The Associated Press
WASHINGTON -- Regulators have closed two small banks in Georgia and one in Florida, bringing to 36 the number of U.S. bank failures this year.
The Federal Deposit Insurance Corp. on Friday seized Georgia Trust Bank, based in Buford, Ga., with $119.8 million in assets and $117.4 million in deposits; First Cherokee State Bank, based in Woodstock, Ga., with $222.7 million in assets and $193.3 million in deposits; and Royal Palm Bank of Florida, based in Naples, Fla., with $87 million in assets and $85.1 million in deposits.
Atlanta-based Community & Southern Bank agreed to assume all of the deposits of the two Georgia banks and to purchase essentially all the assets of First Cherokee State Bank. Community & Southern also is buying about $111.5 million of Georgia Trust Bank's assets.