MACON, Ga. (TheStreet) -- Six Georgia bank subsidiaries of Security Bank Corp. ( SBKC) were among seven new bank failures last week, raising the state's tally of failed institutions to 22 in the past two years. All 89 bank failures since the beginning of 2008 are detailed on TheStreet.com's interactive bank failure map:
Georgia leads all states with 22 bank or thrift failures during 2008 and 2009, followed by California and Illinois with 13 each, and then Florida with five and Nevada with four. Four of the failed banks were included in TheStreet.com's recent list of 89 undercapitalized banks and thrifts. Twenty-two of the undercapitalized institutions listed on May 28 have failed so far. Georgia state regulators on Friday closed Security Bank of Jones County of Gray, Security Bank of Bibb County of Macon, Security Bank of Houston County of Perry, Security Bank of Gwinnett County of Suwanee, Security Bank of North Metro of Woodstock and Security Bank of North Fulton of Alpharetta, all subsidiaries of Macon's Security Bank Corp. The Federal Deposit Insurance Corp., which was appointed receiver, managed to sell the deposits and the 20 branches for all six failed banks to State Bank and Trust Co. of Pinehurst, Ga. New York had its first bank failure of the current crisis, with state regulators taking over Waterford Village Bank of Clarence. The FDIC was appointed receiver and sold the failed bank's office and all of its branches to Evans Bank NA of Angola, N.Y., a subsidiary of Evans Bancorp ( EVBN). JPMorgan Chase ( JPM), which acquired Washington Mutual, the largest bank or thrift ever to fail in the U.S., is among the large bank holding companies that have acquired failed institutions during 2008 and 2009. Others include SunTrust Banks ( STI), Regions Financial ( RF), Zions Bancorp ( ZION), Fifth Third Bancorp ( FITB), US Bancorp ( USB) and BB&T ( BBT).
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