How many more are going to close now that Obama is in charge.
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Friday, June 19, 2009 FOXBusiness: Joanna Ossinger
Three More Banks Fail; 40 Closures So Far This Year
Three banks were closed on Friday — one in Georgia, one in North Carolina and one in Kansas — bringing the total to 40 bank failures in the U.S. so far in 2009.
Southern Community Bank of Fayetteville, Ga., was closed down, and all its deposits will be assumed by United Community Bank of Blairsville, Ga. All five offices of SCB will become branches of UCB, and depositors of SCB will automatically become depositors at UCB.
As of May 29, SCB had total assets of $377 million and total deposits of $307 million.
United Community Bank paid a premium of 1% to acquire all of the deposits of the failed bank, the Federal Deposit Insurance Corp. said. Continue reading
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