State and federal regulators Friday closed three failing banks and one savings and loan, bringing the total number of failed U.S. banking institutions during 2009 to 29.
The Federal Deposit Insurance Corp. estimated the combined cost to its insurance fund from the four bank and thrift failures was $698 million.
Bank Failure Map
for an interactive summary of all previous bank and thrift failures during 2008 and 2009.
The Georgia Department of Banking and Finance took over
American Southern Bank
of Kennesaw, Ga. and appointed the FDIC receiver. The FDIC arranged for
Bank of North Georgia
to assume all of the failed bank's retail deposits. Bank of North Georgia is a subsidiary of
Synovus Financial Corp.
(SNV - Get Report)
The Office of Thrift Supervision closed
First Bank of Idaho
of Ketchum, Idaho. The FDIC was appointed receiver and sold the failed thrift's retail deposits to
(USB - Get Report)
Next, the California Department of Financial Institutions took over
First Bank of Beverly Hills
of Calabasas, Calif. and placed it in FDIC receivership. With no buyer lined up for the failed bank, the FDIC made arrangements for a payout of all insured deposits.
Lastly, the Michigan Office of Financial and Insurance Regulation shuttered
Michigan Heritage Bank
of Farmington Hills, Mich. The FDIC was appointed receiver, and sold all of Michigan Heritage Bank's retail deposits to
Level One Bank
, also headquartered in Farmington Hills. Michigan Heritage Bank was a subsidiary of
Michigan Heritage Bancorp
Georgia Leads in Bank Failures
American Southern Bank was the fifth Georgia bank to fail during 2009. Of the 54 bank and thrift failures during 2008 and 2009,
had 10, the largest number for a single state.
is No. 2, with nine failures, followed by
and Nevada, each of which has had four bank or thrift failures.