Seven Banks Fail, Making It 64 for '09

JULY 25, 2009

Regulators seized seven banks on Friday, including six in Georgia owned by the same parent, increasing the number of U.S. bank failures to 64 in 2009.

The six Georgia banks were part of Security Bank Corp., of Macon, Ga., and had assets of about $2.8 billion and deposits of $2.4 billion. The banks were doomed by their real-estate loan exposure in metropolitan Atlanta, an area plagued by foreclosures and declining home values.