WASHINGTON – The FDIC seized three more banks on Friday, one each in Florida, Georgia and Tennessee, making a total of 31 failures for the year.

There have been ten credit union failures so far in 2012.

Friday’s bank failures were: $170 million Putnam State Bank in Palatka, Fla.; $156 million Farmers Bank of Lynchburg, in Lynchburg, Tenn; and $148 million Security Exchange Bank in Marietta, Ga.

The FDIC estimates that the failure of the three banks will cost the bank insurance fund $100 million.

 

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