Regulators shut 2 Ga. banks, 1 in Wash state
Friday, May 20, 2011
WASHINGTON (AP) -- Regulators have shut two banks in Georgia and a smaller bank in Washington state, lifting to 43 the number of U.S. bank failures this year in the wake of a gutted economy and mounds of soured loans.
The Federal Deposit Insurance Corp. seized Atlantic Southern Bank, based in Macon, Ga., with $741.9 million in assets; First Georgia Banking Co., based in Franklin, Ga., with $731 million in assets; and Summit Bank in Burlington, Wash., with $142.7 million in assets.
CertusBank, based in Easley, S.C., agreed to assume the assets and deposits of Atlantic Southern Bank and First Georgia Banking. Columbia State Bank, based in Tacoma, Wash., is assuming the assets and deposits of Summit Bank.