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New Bank Failures: Week of Aug. 24

NEW YORK ( TheStreet) -- New bank failures last week included two in Georgia and one each in Texas and Alabama, bringing the total number of banks and savings and loans shut down by regulators this year to 81.

All 106 bank failures since the beginning of 2008 are detailed on's interactive bank failure map:

Georgia continues to lead all states with 23 bank or thrift failures during 2008 and 2009, followed by Illinois with 14 failures, California with 13, Florida with eight and Nevada with five failures.

The Office of Thrift Supervision took over ebank of Atlanta and appointed the FDIC as receiver. The FDIC then sold the thrift's deposits and sole office to Stearns Bank NA.

Georgia regulators shut down First Coweta Bank of Newnan. The FDIC was appointed receiver and sold the failed bank's retail deposits and branches to United Bank of Zebulon, Ga.

The Alabama State Banking Department closed CapitalSouth Bank of Birmingham and appointed the FDIC receiver. The FDIC sold all of CapitalSouth's retail deposits and branches to Iberiabank of Lafayette, La. Iberiabank is the main subsidiary of Iberiabank (IBKC).

The Office of Thrift Supervision closed Guaranty Bank of Austin, Texas, the main subsidiary of Guaranty Financial Group (GFG). In a deal that was leaked Thursday, the FDIC sold all retail deposits and branches of Guaranty Bank to BBVA Compass of Birmingham, Ala., the main U.S. subsidiary of Banco Bilbao Vizcaya Argentaria SA (BB).

Guaranty Bank had $13 billion in total assets when it failed, and it was a particularly expensive failure, with the FDIC estimating that the cost to its insurance fund from the thrift's failure would be $3 billion. In comparison, Colonial Bank, which failed the previous week, had $25 billion in total assets and the cost of its failure to the FDIC was $2.8 billion.
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