WASHINGTON May 10 U.S. regulators closed small banks in Georgia and North Carolina on Friday, bringing the total number of bank closures so far this year to 12.
The three branches of Sunrise Bank of Valdosta, Georgia, will reopen next week as branches of Synovus Bank, which is based in Columbus, Georgia, the Federal Deposit Insurance Corp said a statement.
Sunrise Bank had approximately $60.8 million in total assets and $57.8 million in deposits, according to the FDIC, which estimated that the bank's failure would cost the Deposit Insurance Fund about $17.3 million.
Regulators also closed Pisgah Community Bank in Asheville, North Carolina. The bank will reopen as a branch of Capital Bank, National Association, which is based in Rockville, Maryland.
Pisgah Community Bank had about $21.9 million in total assets and $21.2 million in deposits. The closure will cost the Deposit Insurance Fund about $8.9 million, according to the FDIC.
The pace of bank failures has slowed sharply over the past year. In 2012, 51 with $11.62 billion in assets were closed, down from 92 banks with $34.92 billion in assets that were closed a year earlier.