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64 US banks seized this year

Seven US banks were seized yesterday, including six owned by the same parent in Georgia, taking the number of failures in US banks to 64 so far this year. The six related banks were part of Security Bank, and had assets of around $2.8bn (£1.6bn), and deposits of $2.4bn. They had high exposure to real-estate exposure in Atlanta, which has a high level of foreclosures and falling home values. The failures are expected to cost the Federal Deposit Insurance's deposit-insurance fund $807m.