Number of Bank Closures Hits 130

The country's total bank closures number hit a whopping 130 on Friday, as regulators seized and shuttered one major bank in Ohio, Illinois, Virginia each, and 3 small banks across Georgia. AmTrust Bank in Cleveland was the largest bank to have been shut.

Other banks to have failed are Benchmark Bank in Aurora in Illinois and Greater Atlantic Bank in Reston in Virginia. In Georgia, the Buckhead Community Bank in Atlanta, First Security National Bank in Norcrossand and The Tattnall Bank in Reidsville made it to the list of closed banks.

Customers of all 6 failed banks are reportedly protected thorough the Federal Deposit Insurance Corp., which been taking care of covering bank deposits since the Great Depression. Currently, the insurer protects customer accounts up-to $250,000.

66 AmTrust Bank branches, with a workforce of 1,728, will now re-open as branches of New York Community Bank. The 5 Benchmark Bank branches, on the other hand, will reportedly now open under the wing of the MB Financial Bank. The 4 Greater Atlantic Bank and 6 Buckhead Community Bank units will re-open as divisions of Sonabank and State Bank and Trust Company, respectively.

The two other banks, First Security National, which has 4 branches, and The Tattnall Bank, with 2 branches, will open as units of State Bank and Trust Company and HeritageBank, respectively.

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