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,
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
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.