WASHINGTON: US banking authorities closed two Georgia banks on Friday, bringing the total number shuttered in 2011 to 20.
In 2010, 157 banks failed following 140 failures in 2009. The bulk of the failures have increasingly been smaller institutions, those with less than $1 billion in assets, as large banks have recovered more quickly from the 2007-2009 financial crisis.
The FDIC announced the following closures on Friday:
Habersham Bank of Clarkesville, Georgia was closed. The bank's eight branches will reopen as part of SCBT National Association. As of Dec. 31, 2010, Habersham Bank had approximately $387.6 million in total assets and $339.9 million in total deposits.
Citizens Bank of Effingham of Springfield, Georgia was shuttered, with its four branches reopening on Saturday as part of HeritageBank of the South. As of Dec. 31, 2010, Citizens Bank of Effingham had approximately $214.3 million in total assets and $206.5 million in total deposits.
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