Three Community Banks Fail, Adding Up to 31 So Far

Three bank failures took place Friday, raising the national tally this year to 31 as fewer community banks fall under. The ""FDIC"":http://www.fdic.gov/ intervened in each case to protect depositors.

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State regulators shuttered Palakta, Florida-based Putnam State Bank, Marietta, Georgia-based Security Exchange Bank, and Lynchburg, Tennessee-based The Farmers Bank of Lynchburg.

Putnam State closed its doors with approximately $169.5 million

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in total assets and $160 million in total deposits. Indiantown-based ""Harbor Community Bank"":http://www.harborcb.com/ assumed all of the deposits and virtually all of the assets, along with three branches set to reopen Saturday.

Security Exchange failed with $151 million in total assets and $147.9 million in total deposits. Atlanta, Georgia-based ""Fidelity Bank"":https://www.lionbank.com/ took on the deposits and agreed to pay for virtually all of the assets, acquiring two branches set to reopen Monday.

The Farmers Bank went dark with $163.9 million in total assets and $156.4 million in total deposits. Knoxville, Tennessee-based ""Clayton Bank and Trust"":http://claytonbank.com/ agreed to purchase essentially all of the assets, assuming the deposits and four branches it would rebrand and reopen Saturday.

The three failures added up to $100 million in costs for the FDIC's Deposit Insurance Fund.

With the bank failure tally at 31 this year, the numbers mark a gradual decline in the rate of closure for community banks compared with every year since the financial crisis.

Last year only 92 community banks went under, contrasted with 157 bank failures from 2010.