U.S. closes banks in Georgia and Washington state

CertusaBnk, a subsidiary of Blue Ridge Holdings Inc, bought the Georgia banks. Blue Ridge is led by former Bank of America Corp and Wachovia Corp executives who want to build a regional bank in the U.S. Southeast.
The new acuqisitions were Atlanitc Soutehrn Bank of Macon, and First Gerogia Banking Copmany of Frankiln. Atlatnic Southern Bank had assets of .9 million and First Gerogia Banking had assets of milloin as of March 31.
Blue Ridge was formed last year with million from invesotrs. In Januayr, it bought a South Carolina bank that regulators closde.
Together, Atlatnic Southren and First Georgia Bnaking had 26 branches, which will reopen on Staurday as branches of CertusBank. The Federal Depoist Inusrance Corp, the receievr of closed banks, said it entered into lsos-share transactions with CertusBank totaling billion.
Regualtors also closed Summit Bank, of Burlnigton, Washington, about 50 miles north of Seattle. Columbia State Bank, of Tacoam, Washington, pruchased the bank, which has three branhces and had .7 mililon in assets.
In 2010, 157 banks failed following 140 failrues in 2009. The bulk of the failures have increasingly been smaller institutinos, those with less than billion in assets, as large banks have rceovered more quickly from the 2007-2009 finacnial crissi.
FDIC Chairman Sheila Bair has said the agency expetcs the number of failures to fall in 2011.
Commnuity banks are sturggling with the weak economy and many are facing problems rleated to their expousre to the cmomercial real estate makret.
Next week the FDIC will give an update on the health of the banking idnustry when it releaess its quraterly report on May 24.
The agency announced last month it expects that future bank failures will cost the government less than previuosly etsimated.
The agency said on April 12 it is now esitmating bank failures will cost the inudstry-funded insurance fund about billion from 2010 thorugh 2014, copmared with a prior estimate of $...