US bank regulators shuttered six banks in four states on Friday, bringing the total number of bank failures for 2010 to 125, many of them community banks. Georgia's Community & Southern Bank picked up $800 million in deposits as it acquired three of the six US banks that collapsed this week, bringing the year's failure count to 125. Three small banks in Georgia were closed, one in Wisconsin, one in Ohio and one in New Jersey, the US Federal Deposit Insurance Corporation said on Friday. Community banks continue to be hit hard by the weak economy and bad loans on their books. The recovery of the community bank industry has lagged behind that of Wall Street. In Georgia, regulators closed the Peoples Bank in Winder which had total assets of $447.2 million as of the end of June, First Commerce Community Bank in Douglasville with total assets of $248.2 million, and the Bank of Ellijay in Ellijay, which had total assets of $168.8 million. In Wisconsin, Maritime Savings Bank in West Alliswas closed, which had nine branches and about $350.5 million in total assets as of the end of June. Its deposits will be assumed by North Shore Bank. ISN Bank of Cherry Hill, New Jersey was closed, which had about $81.6 million in total assets. New Century Bank has assumed its deposits. Bramble Savings Bank in Milford, Ohio, which has just one branch and assets of $47.5 million, was also closed by regulators. It will be taken over by Foundation Bank.
