Small banks in Ga., Mich., Minn., Mo. closed

Nov 6th, 2009 - AOL Money & Finance

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CHARLOTTE, N.C -Regulators on Friday shut small banks in Georgia, Michigan, Minnesota and Missouri, bringing the number of bank failures this year to 119 amid the struggling economy and a cascade of defaults on loans.

The Federal Deposit Insurance Corp. took over United Security Bank, based in Sparta, Ga., with $157 million in assets and $150 million in deposits, and Home Federal Savings Bank in Detroit, with $14.9 million in assets and $12.8 million in deposits.

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