Two more banks taken over by regulators Closures marks 31st bank failures this year

From MarketWatch
Regulators on Friday shut down Georgia's Silverton Bank N.A. and New Jersey's Citizens Community Bank, bringing the number of bank failures this year to 31.
Since the economic downturn began last year, 56 institutions have failed, as the effects of the credit crisis rippled throughout the U.S. economy.
Atlanta-based Silverton Bank, the sixth bank to fail in Georgia, had $4.1 billion in assets and $3.3 billion in deposits at the time of closing. It operated six regional offices.
Citizens Community Bank of Ridgewood, N.J., which had one branch, was closed by the New Jersey Department of Banking and Insurance. As of Dec. 31, the bank had assets of $45.1 million and $43.7 million in deposits.
The FDIC said the two bank closures will cost the deposit insurance fund more than $1.3 billion.