Getting your player ready...
CHARLOTTE, N.C — Regulators on Friday closed small banks in Georgia, Michigan, Minnesota and Missouri, bringing the number of bank failures this year to 119 amid the struggling economy and a cascade of defaults on loans.
The Federal Deposit Insurance Corp. took over United Security Bank, based in Sparta, Ga., with $157 million in assets and $150 million in deposits, and Home Federal Savings Bank in Detroit, with $14.9 million in assets and $12.8 million in deposits.
The FDIC also closed Prosperan Bank, based in Oakdale, Minn., with $199.5 million in assets and $175.6 million in deposits, and Gateway Bank in St. Louis, with $27.7 million in assets and $27.9 million in deposits.
