Saturday, August 30, 2008

Another Bank Failure!

Integrity Bank has become the tenth bank failure of the year:
Alpharetta, Georgia-based Integrity Bank has been closed by regulators and its assets have been transferred to Regions Financial Corp., Regions said in a prepared statement late Friday.

The Federal Deposit Insurance Corp. assumed some $900 million in total deposits from Integrity and has transferred them to Regions, Regions said, adding that, "the FDIC will retain most of Integrity Bank's loan portfolio for later disposition."

Integrity's closure is the 10th bank failure so far this year. The bank had $1.1 billion in total assets and $974 million in total deposits as of June 30, the FDIC said.

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