Regulators closed seven banks on Friday, bringing the bank failure toll to 37 in 2010. The Federal Deposit Insurance Corporation was named the receiver for all those failed banks, which include American National Bank, Century Security Bank, Advanta Bank Corp., Appalachian Community Bank, Bank of Hiawassee, First Lowndes Bank, First Lowndes Bank and State Bank of Aurora.
American National Bank:
American National Bank, Parma, Ohio, which had approximately $70.3 million in total assets and $66.8 million in total deposits as of December 31, 2009, was closed by the Office of the Comptroller of the Currency.
The National Bank and Trust Company, a subsidiary of NB&T Financial Group, Inc. (NBTF), agreed with FDIC to assume all of the deposits of the failed bank at no premium, and will reopen the sole branch of American National Bank on Monday as its branch.
National Bank and Trust Company also entered into a loss-share transaction with FDIC on $49.8 million of the failed bank's assets. FDIC estimates that the cost to the Deposit Insurance Fund or DIF will be $17.1 million due to this failure.
Century Security Bank:
The Georgia Department of Banking and Finance closed Century Security Bank, Duluth, Georgia, and named FDIC as receiver. As of December 31, 2009, Century Security Bank had approximately $96.5 million in total assets and $94.0 million in total deposits.
Bank of Upson, Thomaston, Georgia, agreed with FDIC to assume all of the deposits and will reopen two branches of Century Security Bank during normal business hours starting Saturday as its branches. FDIC and Bank of Upson also entered into a loss-share transaction on $81.5 million of Century Security Bank's assets. FDIC estimates this failure to cost $29.9 million to the DIF.
Advanta Bank Corp.:
Advanta Bank Corp., Draper, Utah, was closed by the Utah Department of Financial Institutions. Advanta Bank had approximately $1.6 billion in total assets and $1.5 billion in total deposits.
FDIC stated that it was unable to find another financial institution to take over the banking operations of Advanta Bank, and as a result, checks to depositors for their insured funds will be mailed on Monday.
FDIC said brokered deposits will be wired once brokers provide it with the necessary documents to determine if any of their clients exceed the insurance limits.
FDIC estimates this failure to cost approximately $635.6 million to its Deposit Insurance Fund.
Appalachian Community Bank:
Appalachian Community Bank, Ellijay, Georgia, was closed by the Georgia Department of Banking and Finance. As of December 31, 2009, Appalachian Community Bank had approximately $1.01 billion in total assets and $917.6 million in total deposits.
FDIC, which was appointed as receiver, entered into a purchase and assumption agreement with Community & Southern Bank, Carrollton, Georgia, to assume all of the deposits of the failed bank at a premium of one percent. In addition, Community & Southern Bank agreed to buy essentially all of the assets.
FDIC and Community & Southern Bank also entered into a loss-share transaction on $798.6 million of Appalachian Community Bank's assets. The ten branches of the failed bank will reopen on Saturday as branches of Community & Southern Bank, and includes all branches that operated under trade name of Gilmer County Bank.
FDIC estimates Appalachian's failure to the cost $419.3 million to DIF.
Bank of Hiawassee:
Bank of Hiawassee, Georgia, was closed by the Georgia Department of Banking and Finance. Citizens South Banking Corp.'s (CSBC) Citizens South Bank, Gastonia, North Carolina, agreed to assume all of the deposits of the failed bank, which had approximately $377.8 million in total assets and $339.6 million in total deposits as of December 31, 2009.
Five branches of Bank of Hiawassee will reopen on Saturday as branches of Citizens South Bank, which also entered into a loss-share transaction with FDIC on $232.6 million of the failed bank's assets.
FDIC estimates the cost to the DIF as a result of this failure to be $137.7 million.
First Lowndes Bank:
The Alabama Banking Department closed First Lowndes Bank, Fort Deposit, Alabama, which had approximately $137.2 million in total assets and $131.1 million in total deposits as of December 31, 2009.
First Citizens Bank, Luverne, Alabama, agreed to assume all of the deposits of First Lowndes Bank and to reopen the four branches under normal business hours beginning Saturday as its branches.
First Citizens Bank which did not pay the FDIC a premium to assume all of the deposits of First Lowndes Bank, also agreed to purchase essentially all of the failed bank's assets.
In addition, FDIC and First Citizens Bank entered into a loss-share transaction on $104.1 million of the failed bank's assets. FDIC expects this failure to cost $38.3 million to the DIF.
State Bank of Aurora:
State Bank of Aurora, Aurora, Minnesota, was closed today by the Minnesota Department of Commerce. Northern State Bank, Ashland, Wisconsin, agreed with FDIC to assume all of the deposits of the failed bank, which had approximately $28.2 million in total assets and $27.8 million in total deposits as of end of December 2009.
In addition to assuming all of the deposits at a premium of 0.5 percent, Northern State Bank agreed to buy essentially all of the failed bank's assets. The sole branch of State Bank of Aurora will reopen on Monday as a branch of Northern State Bank.
FDIC and Northern State Bank also entered into a loss-share transaction on $21.3 million of the failed bank's assets. FDIC estimates that the cost to the DIF to be $4.2 million.
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April 24, 2026 15:15 ET Economics news flow was relatively light this week even as the conflict in the Middle East continued, raising concerns for policymakers. In the U.S., spending data, initial jobless claims and pending home sales were the highlights. Business confidence in the biggest euro area economy was in focus in Europe. Inflation data from Japan gained attention in Asia.