Updated from 4:03 p.m. EDT
Omni National Bank of Atlanta was closed by federal regulators on Friday, the twenty-first U.S. bank or thrift closed during 2009.
Omni National, held by Omni Financial Services, had "experienced substantial dissipation of assets and earnings due to unsafe and unsound practices," the Office of the Comptroller of the Currency said in a press release. The holding company's shares were trading on the pink sheets for 2.5 cents before the announcement.
The failed bank was the ninth Georgia institution to fail out of the 46 bank and thrift failures during 2008 and 2009. Georgia now has the most failures during this period, with California running a close second, with eight failures.
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