Banks closed in Ga, NC; makes 77 failures in 2011

By the Associated Press | October 17, 2011 | 4:33 PM EDT

WASHINGTON (AP) — Regulators have closed a small bank in Georgia and one in North Carolina, boosting to 77 the number of U.S. bank failures this year.

The Federal Deposit Insurance Corp. on Friday seized Piedmont Community Bank of Gray, Ga., with $201.7 million in assets and $181.4 million in deposits. It also shuttered Blue Ridge Savings Bank, based in Asheville, N.C., with $161 million in assets and $158.7 million in deposits.

The failure of Piedmont Community Bank is expected to cost the deposit insurance fund $71.6 million; that of Blue Ridge Savings Bank is expected to cost $38 million.