Seven More Bank Failures
July 24, 2009 by Stephen Kersey
Filed under Business
Another week, another set of bank failures. On Friday, seven more banks bit the dust. For 2009, the number of bank failures now stands at 64.
Six of the banks that were shut down by United States federal regulators were located in the state of Georgia. The seventh was located in the state of New York.
The six failed banks in Georgia were Security Bank of North Metro (Woodstock, Georgia), Security Bank of Gwinnett County (Suwanee, Georgia), Security Bank of Jones County (Gray, Georgia), Security Bank of Houston County (Perry, Georgia), Security Bank of Jones County (Gray, Georgia) and Security Bank of Houston County (Perry, Georgia). The six banks had a total of 20 branches. All 20 of those branches will become State Bank and Trust branches.
The bank failure in New York was Waterford Village Bank. The bank’s lone branch will become a Evans Bank branch.
In total, the Federal Deposit Insurance Corp. estimates that the total insurance cost for these seven failed banks will be around $813 million.
Banks out of business (Image: Flickr)
