Six More Banks Fail, Total For Year Now 157

Big banks that brought on the credit meltdown may have recovered nicely, thanks to help from taxpayers, but small community banks are still struggling, and six more closed their doors in the past week.

The number of failed banks in 2010 has reached 157, according to the Federal Deposit Insurance Corp. (FDIC).

Three of the latest bank closings are in Georgia, a state with an unusually high number of failed financial institutions. Many of these banks have been dragged down by bad real estate loans.

United Americas Bank of Atlanta; Appalachian Community Bank of McCaysville, Ga., and Chestatee State Bank of Dawsonville, Ga., closed their doors.

State Bank and Trust Company, of Macon, Ga., agreed to purchase the assets of United Americas Bank, which totaled $242.3 million on September 30. Peoples Bank of East Tennessee, Madisonville, Tenn., agreed to purchase the assets of Appalachian Community Bank, which totaled $68.2 million on September 30.  Bank of the Ozarks, Little Rock, Ark., agreed to assume all of the deposits of Chestatee State Bank, which reported assets of $244 million on September 30.

Florida has also seen its share of bank failures over the last two years. On Friday The Bank of Miami was closed by regulators, with 1st United Bank of Boca Raton, Fla., agreeing to purchase its assets and assume its deposits. As of September 30, Bank of Miami had $448.2 million in assets.

Community National Bank of Lino Lakes, Minn., also closed its doors. It is being taken over by  Farmers & Merchants Savings Bank, Manchester, Iowa. Community National Bank reported assets of $31.6 million on September 30.

Regulators also closed First Southern Bank, Batesville, Ark, with Southern Bank, Poplar Bluff, Mo., agreeing to purchase its assets. The bank's assets totaled $191.8 million as of September 30.

In November, the FDIC issued an updated list of "problem" banks which numbered 860. That's the largest number in the last 17 years.