Bank failure tally reaches 130
The nation’s tally of 2009 bank casualties hit 130 Friday when regulators shuttered a large Ohio bank, an Illinois bank, a Virginia bank and three small Georgia banks.
The largest bank to fail was AmTrust Bank in Cleveland.
Regulators also closed Benchmark Bank in Aurora, Ill., and Greater Atlantic Bank in Reston, Va.
The Buckhead Community Bank in Atlanta, Ga., First Security National Bank in Norcross, Ga., The Tattnall Bank in Reidsville, Ga., were also closed.
Customers of all the six failed banks are protected, however. The Federal Deposit Insurance Corp., which has insured bank deposits since the Great Depression, currently covers customer accounts up to $250,000.
AmTrust Bank. The Office of Thrift Supervision closed AmTrust Bank because it “was in an unsafe and unsound condition because of substantial loan losses, deteriorating asset quality, and insufficient capital.”