7 banks fail; year's total at 37

Federal regulators shut down seven banks in five states on Friday, bringing to 37 the number of bank failures so far this year.

The closings follow the 140 banks that succumbed in 2009 to mounting loan defaults and the recession.

The Federal Deposit Insurance Corporation took over the First Lowndes Bank, in Fort Deposit, Ala.; the Appalachian Community Bank in Ellijay, Ga.; the Bank of Hiawassee, in Hiawassee, Ga.; and the Century Security Bank in Duluth, Ga.

The agency also closed down the State Bank of Aurora, in Aurora, Minn.; the Advanta Bank Corporation, based in Draper, Utah; and the American National Bank of Parma, Ohio.