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Friday, May 10, 2013 - 2:43pm

FDIC Closes Banks In Georgia & North Carolina

Regulators say they have closed banks in North Carolina and Georgia, bringing the number of U.S. bank failures to 12 this year.

The Federal Deposit Insurance Corp. on Friday seized Sunrise Bank, based in Valdosta, Ga.
and Pisgah Community Bank, based in Asheville, N.C..

The FDIC arranged for other banks to take over the failed banks' deposits and purchase some of their assets.

Sunrise Bank, which had three branches, had about $60.8 million in assets and $57.8 million in deposits.

Pisgah Community Bank, which operated a single branch, had roughly $21.9 million in assets and $21.2 million in deposits as of March 31.

The failure of the two lenders is expected to cost the deposit insurance fund $26.2 million.