One Washington State Bank, Two Georgia Banks Shuttered

by

Federal regulators shut down three more banks late Friday, one in Washington state and two in Georgia, lifting to 43 the number of U.S. bank failures this year.

Summit Bank in Burlington, Wash., had $142.7 million in assets, and come Monday morning, Columbia State Bank, based in Tacoma, Wash., will assume operations.

The Federal Deposit Insurance Corp. also sezied Atlantic Southern Bank, based in Macon, Ga., with $741.9 million in assets, and First Georgia Banking Co., based in Franklin, Ga., with $731 million in assets.

In 2010, regulators sezied 157 banks, the most in a year since the savings-and-loan crisis two decades ago. The FDIC expects the cost of resolving failed banks to total around $52 billion from 2010 through 2014.