Federal Deposit Insurance Corporation (FDIC) announced the closure of four banks, taking the total number of bank failures so far this year to seven.
The banks which failed were;
- McDonough, Ga.-based Enterprise Banking Community ($95.5 million in deposits as of Sept. 30)
- Easley, S.C.-based CommunitySouth Bank and Trust ($402.4 million in deposits)
- Asheville, N.C.-based Bank of Asheville ($188.3 million in deposits)
- Denver-based United Western Bank ($1.65 billion in deposits)
The FDIC estimates that these four failures will cost the federal deposit-insurance fund $454.9 million.