Regulators close 3 banks in Florida, Georgia

By: AP Email
By: AP Email

News 12
July 30, 2010

WASHINGTON (AP) -- Regulators have 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.

Centennial Bank, based in Conway, Ark., agreed to assume the
assets and deposits of Bayside Savings Bank and Coastal Community
Bank. State Bank and Trust Co., based in Macon, Ga., is assuming
those of NorthWest Bank and Trust.

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