Three more small community banks – in Georgia, Kansas, and North Carolina – were shuttered by state and federal regulators on Friday. The reach of the nation’s economic crisis is evident in the number of institutional failures. So far this year, 40 banks have been forced to shut their doors. Twenty-five banks went under last year, not including the acquisitions of several large institutions – such as Countrywide, Washington Mutual, and Wachovia – that saved those names from finding their way to the FDIC’s failed bank list.
Southern Community Bank in Fayetteville, Georgia, is one of the latest additions to that list. United Community Bank of Blairsville, Georgia, agreed to assume all of Southern Community Bank’s $307 million deposits for a premium of 1 percent, and will take over the defunct bank’s five Georgia offices.

United Community Bank also agreed to purchase approximately $364 million of the failed institution’s assets. The FDIC and United Community Bank entered into a loss-share transaction on approximately $253 million of these assets. The FDIC said the closing will cost its insurance fund an estimated $114 million.
First National Bank of Anthony in Anthony, Kansas was acquired by Bank of Kansas, of South Hutchinson, Kansas, on Friday. The failed institution also operated under the name First National Bank of Johnson County, also in Kansas.
First National Bank of Anthony had total deposits of approximately $142.5 million, for which Bank of Kansas paid a premium of 0.5 percent. In addition to assuming all of the deposits of the failed bank, Bank of Kansas agreed to purchase approximately $156.7 million of assets. The FDIC and Bank of Kansas entered into a loss-share agreement for approximately $130.5 million of these assets. The FDIC estimates the cost of First National Bank of Anthony’s failure to be $32.2 million.
Cooperative Bank of Wilmington, North Carolina was also closed. First Bank in Troy, North Carolina, agreed take over operations of Cooperative Bank’s 24 branches. First Bank will also assume all of the failed institution’s $774 million deposits, except approximately $57 million from brokers, which will be paid out directly by the FDIC.
First Bank will also purchase approximately $942 million of Cooperative’s assets. The FDIC and First Bank entered into a loss-share transaction on approximately $852 million of the acquired assets. The FDIC said Cooperative Bank’s failure will cost the agency an estimated $217 million.