Regulators Close Community Banks in Colorado, Florida and Georgia

October 22 00:00 2011

New York, October 22 (RainbowNewsLine.com) – The tally of collapsed banks in the US went up to 84 with regulators closing banks in Georgia, Florida and Colorado on Friday. The Federal Reserve appointed the Federal Deposit Insurance Corp. receiver for Community Banks of Colorado, which is the sixth bank in the state to have collapsed this year. Bank Midwest NA of Kansas City, Mo. agreed to take over the Greenwood Village, Colo.-based bank and assume all of its deposits.

The Federal Reserve said that after it found that the state-chartered bank had been critically undercapitalized since June 29, it had to appoint FDIC as receiver.

In Georgia, the number of banks that have failed in the state went up to 22 with the state’s Department of Banking and Finance closing Decatur First Bank in Decatur, Ga., and Community Capital Bank in Jonesboro, Ga. Decatur First’s deposits will be assumed by Fidelity Bank of Atlanta and Community Capital’s deposits will be taken over by State Bank and Trust Co. of Macon, Ga.

In Florida, the FDIC reported the collapse of Old Harbor Bank of Clearwater, Fla., which was closed Friday by the Florida Office of Financial Regulation. Its deposits will be assumed by 1st United Bank of Boca Raton, Fla., under an agreement with the FDIC.

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