Four banks closed by FDIC, one is a biggie

Written by Dave Gallagher | The Bellingham Herald | August 21, 2009

As of late Friday afternoon the FDIC had shut down four banks, bringing the total to 81 this year. The biggest was Guaranty Bank of Austin, Texas, which had 162 branches and about $13 billion in assets. None of the bank closures have been on the West Coast at this point. Here are the details of the closures:

#78: ebank of Atlanta, Ga. was closed and taken over by Stearns Bank of St. Cloud, Minn. Cost to the FDIC: $63 million.

#79: First Coweta of Newman, Ga. was closed, then taken over by United Bank of Zebulon, Ga. Cost to the FDIC: $48 million.

#80: CapitalSouth Bank of Birmingham, Ala. was closed and taken over by IBERIABANK of Layfayette, La. Cost to the FDIC: $151 million.

#81: Guaranty Bank of Austin, Texas, was closed and taken over by BBVA Compass of Birmingham, Ala. Cost to the FDIC: $3 billion.