WASHINGTON (AP) -- Regulators have shut down a small bank in Georgia, lifting to 104 the number of U.S. banks to fail this year as the industry has struggled to cope with mounting loan defaults and recession.
The Federal Deposit Insurance Corp. on Friday took over NorthWest Bank and Trust, based in Acworth, Ga., with $167.7 million in assets. State Bank and Trust Co., based in Macon, Ga., agreed to assume the assets and deposits of the failed bank.
The failure of NorthWest Bank and Trust is expected to cost the deposit insurance fund $39.8 million.
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