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Bank in Georgia is 10th to fail

August 30, 2008|From Times Wire Services

The Federal Deposit Insurance Corp. said Integrity Bank of Alpharetta, Ga., had become the 10th U.S. bank to fail so far this year.

Regions Bank of Birmingham, Ala., is assuming all of Integrity Bank's $974 million in deposits and about $34.4 million of the bank's $1.1 billion in assets.

There has been an increase in the number of banks that have failed this year amid continuing mortgage defaults.

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