Tenth Bank Failure of 2008

[pennypinch]

State regulators of Georgia closed a bank late Friday, making it the tenth of this year to fail.

Integrity bank of Georgia is now closed and the FDIC has taken ownership. It will reopen as Regions bank.

The Georgia Department of Banking and Finance closed Integrity Bank which is based in Alpharetta, Georgia and the Federal Deposit Insurance Corporation was named receiver.

The bank held $1.1 billion in total assets and deposits of $974.0 million as of the end of June.

The five branches are expected to reopen on Tuesday. They say nothing major will change for the patrons, just the name.

This sort of thing has been in the news a lot lately. Not that mnay banks have had to close but many have been struggling so this is really no suprise. I do wonder what is the average number of banks closing per year and will try to find out. I am curious if this year with the weak economy has been harder on banks then in past years.