Regulators Shut 5 Banks; 45 Failures This Year

NEW YORK -- Another group of bank failures brings to 45 the number which have gone into receivership this year.

Regulators yesterday shut down five small banks in three states.

More are expected to succumb in the prolonged recession.

The Federal Deposit Insurance Corp. has been appointed receiver of the failed banks: Community Bank of West Georgia; Neighborhood Community Bank of Newnan, Ga.; Horizon Bank in Pine City, Minn.; MetroPacific Bank in Irvine, Calif.; and Mirae Bank in Los Angeles.

The two closures in Georgia brought to 14 the number of banks in Georgia that have failed since the beginning of last year, more than in any other state.

The 45 banks closed nationwide this year compare with 25 in all of 2008 and three in 2007.


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