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Regulators shutter small Georgia bank, making 12 bank failures in 2012
WASHINGTON (AP) ' Regulators have closed a small bank in Georgia, bringing to 12 the number of U.S. bank failures this year.
The pace of bank failures has slowed markedly, however. By this time last year, 23 had been shuttered.
The Federal Deposit Insurance Corp. on Friday closed Global Commerce Bank, in Doraville, with $143.7 million in assets and $116.8 million in deposits.
Metro City Bank, also of Doraville, agreed to assume all of Global Commerce Bank's deposits and about $79 million of the failed bank's assets.
As a result, the three branches of Global Commerce Bank will reopen as branches of Metro City Bank.
The bank failure is expected to cost the deposit insurance fund $17.9 million.
Global Commerce Bank is the third FDIC-insured bank in Georgia to fail this year.