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Georgia bank becomes 10th U.S. failed bank--FDIC

Fri Aug 29, 2008 5:33pm EDT

WASHINGTON, Aug 29 (Reuters) - U.S. regulators on Friday took over Integrity Bank, which became the 10th bank to fail this year as the economy struggles under the weight of falling home prices and the credit crisis.

The Federal Deposit Insurance Corp said Georgia regulators closed the Alpharetta-based bank, which had $1.1 billion in total assets and $974 million in total deposits as of June 30.

The FDIC, which was named receivor, said Regions Bank of Birmingham, Alabama, agreed to pay a 1 percent premium to acquire all of the deposits and buy about $34.4 million of Integrity's assets. (Reporting by John Poirier)



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