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US shuts down three more banks.

US authorities closed two banks in Georgia and one in Illinois on Friday, bringing the number of failures so far in 2011 to 14. In 2010, 157 banks failed and 140 failed in 2009.

The failures have increasingly been smaller institutions, with less than $1 billion in assets. The FDIC announced the following closures on Friday:

*American Trust Bank of Roswell, Georgia; had assets of about $238.2 million; Renasant Bank of Tupelo, Mississippi, will assume the deposits.

* North Georgia Bank of Watkinsville, Georgia; had assets of about $153.2 million. BankSouth of Greensboro, Georgia, will assume the deposits.

* Community First Bank of Chicago; had assets of about $51.1 million. Northbrook Bank and Trust Co of Northbrook, Illinois, will assume the deposits.- Reuters

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Publication:TradeArabia (Manama, Bahrain)
Date:Feb 5, 2011
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