Regulators shut 7 more banks, boosting the total to 64 for the year

WASHINGTON -- Regulators have shut six banks in Georgia and a small bank in New York state, boosting to 64 the number of federally insured banks to fail this year.

The Federal Deposit Insurance Corp. was appointed receiver of the banks: Six bank subsidiaries of Security Bank, based in Macon, Ga., and Waterford Village Bank of Clarence, N.Y.

The six Security banks had total assets of $2.8 billion and deposits of $2.4 billion as of March 31. State Bank and Trust, based in Pinehurst, Ga., has agreed to assume all of the deposits and $2.4 billion of the assets, the FDIC said Friday.

Evans Bank, based in Angola, N.Y., will assume all of the assets and deposits of Waterford Village Bank.

The FDIC was appointed receiver of Waterford Village Bank,which had $61.4 million in assets and $58 million in deposits as of March 31.

The FDIC said Evans Bank, based in Angola, N.Y., had agreed to assume all of the assets and deposits of Waterford Village Bank. Its Clarence office will reopen Monday as a branch of Evans Bank.

In addition, the FDIC and Evans Bank signed an agreement to share losses on about $56 million of the failed bank's assets.