FDIC Shutters Four Banks Friday

Published on:
24 October 2011 at 08:06 a.m. ET

http://www.insidearm.com/news/00010824-fdic-shutters-four-banks-friday/

The Federal Deposit Insurance Corp. (FDIC) announced Friday the closure of four banks, two in Georgia, and one each in Florida and Colorado.

The FDIC has closed 84 banks in 2011, after 157 bank closures in 2010.

The assets of the failed banks were assumed by other banks in FDIC assisted transactions. The FDIC estimates that the cost to the Deposit Insurance Fund by the four bank closures will be a total of $438.1 million.

Boca Raton, Florida-based 1st United Bank assumed the banking operations, including all the deposits, of Old Harbor Bank and Atlanta-based Fidelity Bank assumed from the FDIC all of the deposits of Decatur First Bank in Georgia.

Macon, Ga.-based State Bank and Trust Co. assumed all of the deposits of Community Capital Bank, and Kansas City, Mo.-based Bank Midwest, National Association, assumed all of the deposits of Community Banks in Colorado.

FDIC Shutters Four Banks Friday

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