Six Banks Fail, Community & Southern Acquires Three
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Georgia’s Community & Southern Bank picked up $800 million in deposits as it acquired three of the six U.S. banks that collapsed this week, bringing the year’s failure count to 125.
Banks in Georgia, New Jersey, Ohio and Wisconsin were closed by regulators, according to statements posted yesterday on the website of the Federal Deposit Insurance Corp., which was named receiver. This week’s failures cost the agency’s deposit- insurance fund $347.6 million.