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Georgia Bank Failure Raises 2012 Tally to 12

The bank failure tally for 2012 rose Friday as state regulators shuttered a bank in Georgia, emboldening the state's reputation as a graveyard for community banks in recent years.

[IMAGE] [COLUMN_BREAK]

The ""Georgia Department of Banking and Finance"":http://www.gadbf.org/ turned off the lights for Doraville-based Global Commerce Bank, which went under with about $143.7 million in total assets and $116.8 million in total deposits.

Neighboring ""Metro City Bank"":http://www.metrocitybank.com/ entered into a purchase-and-assumption transaction with the ""FDIC"":http://www.fdic.gov/, scooping up $79 million in assets and leaving the rest to the agency for disposition.

The cost to the FDIC's Deposit Insurance Fund: $17.9 million.

Global Commerce marks 12 for 2012 so far. Last year 92 community banks went under, a slower pace from 2010, when 157 financial institutions failed.

FDIC spokespeople have said in past interviews with _MReport_ that 2010 signaled a ""high water mark"" for bank failures since the recession.

The number is different for Georgia. The Peach State has been home to more than 70 bank failures ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô institutions with $10 billion or fewer in assets ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô since the financial crisis.

About Author: Ryan Schuette

Ryan Schuette is a journalist, cartoonist, and social entrepreneur with several years of experience in real-estate news, international reporting, and business management. He currently lives in the Washington, D.C., area, where he freelances for DS News and MReport.
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