Federal Regulators Shut Down 7 Banks Georgia Loses 3 Banks Alone

On Friday, Regulators  shut down 7 banks in five states.  Three banks in the state of Georgia closed. Other banks closed in Alabama, Utah, Minnesota and Ohio.

The three Georgia banks includes Appalachian Community Bank in Ellijay, Ga.; Bank of Hiawassee, in Hiawassee, Ga.; and Century Security Bank in Duluth, Ga.

The non Georgia banks include First Lowndes Bank, in Fort Deposit, Al,State Bank of Aurora, in Aurora, Minn.; Advanta Bank Corp., based in Draper, Utah; and American National Bank of Parma, Ohio.

The Feds could not find a buyer for Advanta Bank and will shut down.

AP  via Yahoo Finance News has more.

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