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Friday, April 26, 2013 - 3:29pm

FDIC Closes Banks

Updated: 1 year ago.
Regulators say they have closed banks in Georgia and North Carolina, bringing the number of U.S. bank failures to 10 this year. The Federal Deposit Insurance Corp. on Friday seized Douglas County Bank, based in Douglasville, Ga. (GPB file photo)

Regulators say they have closed banks in Georgia and North Carolina, bringing the number of U.S. bank failures to 10 this year.

The Federal Deposit Insurance Corp. on Friday seized Douglas County Bank, based in Douglasville, Ga.

The lender, which had four branches, had about $316.5 million in assets and $314.4 million in deposits.

Regulators also closed Parkway Bank, based in Lenoir, N.C., which had about $108.6 million in assets and $103.7 million in deposits.

The FDIC arranged for other banks to assume the deposits and buy essentially all of the failed banks' assets.

The failures of Douglas County Bank and Parkway Bank are expected to cost the deposit insurance fund $104.5 million combined.

U.S. bank closures have been declining since peaking in 2010 after the 2008 financial crisis.

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