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State and federal regulators on Friday shut down three banks, bringing the total number of failed U.S. banks and savings and loan institutions during 2009 to 40.
All three failed banks were included in TheStreet.com's recent list of 89 undercapitalized banks and thrifts.
State regulators took over Southern Community Bank of Fayetteville, Ga. and appointed the Federal Deposit Insurance Corp. receiver. The FDIC then sold all of the failed bank's deposits and branches to United Community Bank of Blairsville, Ga., a subsidiary of United Community Banks(UCBI Quote). ...
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