Bank Failure Tally Climbs To 78

Source: CNN

NEW YORK (CNNMoney.com) -- Federal regulators closed Atlanta-based ebank Friday bringing the total number of failed banks this year to 78, the Federal Deposit Insurance Corporation said.

The sole branch of ebank will reopen on Monday as a branch of Stearns Bank, which will purchase the bulk of the failed bank's $143 million in assets and will assume all of its $130 million in deposits.

St. Cloud, Minn.-based Stearns, which has bought a number of failed banks this year, entered into a loss sharing agreement with the FDIC for $111 million of ebank's assets.

EDIT

The FDIC is expected to announce the failure of Texas-based thrift Guaranty Bank later Friday night. With $13.5 billion in assets, Guaranty would be the second-largest bank to be seized by regulators this year and the 11th largest in U.S. history.

EDIT

Read more: http://money.cnn.com/2009/08/21/news/economy/bank_failures/?postversion=2009082117

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There may well be more to come. In the past few months, FDIC has gotten into the habit of dribbling closure notifications out bit by bit on Friday evenings.

http://www.marketwatch.com/story/first-coweta-of-georgia-becomes-79th-bank-failure-2009-08-21

SAN FRANCISCO (MarketWatch) - First Coweta, Newnan, Ga. became the 79th bank to fail in 2009, after it was closed by the Georgia Dept. of Banking and Finance which appointed the Federal Deposit Insurance Corp. as receiver, the federal agency said Friday. The FDIC said it has entered into a purchase and assumption agreement with United Bank, Zebulon, Georgia to assume all deposits of the bank, excluding those from brokers.

Failed Bank List

Bank Name		City		State	CERT #	Closing Date	Updated Date

CapitalSouth Bank	Birmingham 	AL	22130	August 21, 2009	August 21, 2009
First Coweta Bank	Newnan		GA	57702	August 21, 2009	August 21, 2009
ebank			Atlanta		GA	34682	August 21, 2009	August 21, 2009

3 so far for today