2 Ga Banks Seized; 13 US Bank Failures In 2011

WASHINGTON (AP) - Regulators have shut down two small banks in Georgia, bringing to 13 the number of bank failures in 2011 following last year's tally of 157 amid the sagging economy and mounting bad loans.

The Federal Deposit Insurance Corp. seized American Trust Bank, based in Roswell, with $238.2 million in assets and $222.2 million in deposits; and North Georgia Bank of Watkinsville, with $153.2 million in assets and $139.7 million in deposits.

Renasant Bank, based in Tupelo, Miss., agreed to assume $147.4 million of the assets and all the deposits of American Trust Bank. BankSouth, based in Greensboro, Ga., is assuming $123.9 million of the assets and all the deposits of North Georgia Bank.