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FDIC Closes Little Falls Bank

melanieburger, Flickr

WASHINGTON (AP) – Regulators have closed banks in Minnesota and Georgia, increasing to 11 the number of U.S. bank failures this year.

That represents a slower pace than last year, when 92 banks were closed.

The Federal Deposit Insurance Corporation on Friday closed Home Savings of America, based in Little Falls, Minnesota with $434.1 million in assets and $432.2 million in deposits.

The FDIC will mail out checks to depositors in the amount of their insured funds.

Regulators also closed Central Bank of Georgia, based in Ellaville, with $278.9 million in assets and $266.6 million in deposits.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

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