This article will be updated in the event additional banks fail later Friday night.
Six banks failed Friday, bringing the nation’s yearly bank failure total to 125. The banks were closed by various regulatory agencies across the nation, according to the FDIC.
3 Georgia Banks Go Under
The biggest bank to fail this week was The Peoples Bank, based in Winder, Ga. The 14 branches of The Peoples Bank will reopen as branches of Community & Southern Bank. Banking customers do not need to immediately change their banking relationship. If you are a customer curious about the steps you should take, click here. The FDIC insures all accounts of less than $250,000. The Peoples Bank had $447.2 million in assets.
Two other Georgia-based banks failed, and also will be taken over by Community & Southern Bank. First Commerce Community Bank, based in Douglasville, Ga., had two branches and $248.2 million in assets. The Bank of Ellijay, headquartered in Ellijay, Ga., had two branches $168.8 million in assets. All of those banks’ branches will reopen as locations of Community & Southern. In all, 14 Georgia-headquartered banks have failed this year.
Maritime Savings Bank Closes
Maritime Savings Bank, based in West Allis, Wis., had its assets assumed by North Shore Bank. Maritime Savings had $350.5 million in assets. The nine branches will reopen as locations of North Shore Bank. The hit to the FDIC’s Deposit Insurance Fund was $83.6 million. The bank was the first Wisconsin institution to fail so far this year.
Two Small Banks Fail
ISN Bank, based in Cherry Hill, N.J., had just one branch. Customers who had been using that branch can continue to bank as usual as members of Customers Bank, which is the new iteration of New Century Bank. ISN Bank had assets of $81.6 million. The bank’s failure cost the FDIC’s Deposit Insurance Fund $23.9 million. ISN Bank was the first New Jersey-based bank to fail so far this calendar year. The bank’s assets will be assumed by New Century Bank of Phoenixville, Penn. New Century Bank is now known as Customers Bank.
The smallest bank to fail this week was Bramble Savings Bank. The bank, based in Milford, Ohio, had $47.5 million in assets and just one branch. Foundation Bank will assume the assets of Bramble Savings Bank and reopen the bank’s lone location.
The nation as a whole, with 125 failures this calendar year, is on pace to top last year’s 140 bank failures.
Click here for a full, updated list of 2010 bank failures.