FDIC closes small banks in Georgia, Minnesota

WASHINGTON (AP) ? Regulators have closed banks in Minnesota and Georgia, increasing to 11 the number of U.S. bank failures this year.

That represents a slower pace than last year, when 92 banks were closed.

The Federal Deposit Insurance Corp. on Friday closed Home Savings of America, based in Little Falls, Minn., with $434.1 million in assets and $432.2 million in deposits.

The FDIC will mail out checks to depositors in the amount of their insured funds.

Regulators also closed Central Bank of Georgia, based in Ellaville, with $278.9 million in assets and $266.6 million in deposits. Ameris Bank, based in Moultrie, Ga., agreed to assume Central Bank's deposits and essentially all of its assets.

The two bank failures are expected to cost the deposit insurance fund $106.3 million.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2012-02-24-Bank%20Closures/id-a2ebaa6719d04116a03a0bfa73586f0a

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