Regulators Shut 2 Georgia Banks; 20 Closed in 2011

WASHINGTON (AP) - Regulators have shut down two small banks in Georgia, boosting to 20 the number of U.S. bank failures this year after the weak economy and mounting bad debt brought down 157 banks in 2010.

The Federal Deposit Insurance Corp. on Friday seized Habersham Bank, based in Clarkesville, with $387.6 million in assets; and Citizens Bank of Effingham, based in Springfield, with $214.3 million in assets. SCBT National Association, based in Orangeburg, S.C., agreed to assume the assets and deposits of Habersham Bank. HeritageBank of the South, based in Albany, Ga., is acquiring the assets and deposits of Citizens Bank of Effingham.

The two shutdowns brought the number of failures in Georgia this year to six. Georgia has been one of the hardest-hit states for
bank failures.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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