WASHINGTON (AP) -- Regulators on Friday shut six banks in Georgia and a small bank in New York state, raising to 64 the number of federally insured banks to fail this year.
The Federal Deposit Insurance Corp. was appointed receiver of the banks: six bank subsidiaries of Security Bank Corp., based in Macon, Ga.; and Waterford Village Bank of Clarence, N.Y.
The six Security banks had total assets of $2.8 billion and deposits of $2.4 billion as of March 31. State Bank and Trust Co., based in Pinehurst, Ga., has agreed to assume all of the banks' deposits and $2.4 billion of the assets, the FDIC said. In addition, the FDIC and State Bank and Trust signed an agreement to share losses on around $1.7 billion of the six banks' assets.
Evans Bank, based in Angola, N.Y., will assume all the assets and deposits of Waterford Village Bank, said to have $61.4 million in assets and $58 million in deposits as of March 31. Its single office in Clarence will reopen Monday as a branch of Evans Bank. Also, the FDIC and Evans Bank agreed to share losses on about $56 million of the failed bank's assets.
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