Regulators seize seven more banks

WASHINGTON, March 20 (UPI) -- Seven banks closed in Georgia, Utah, Ohio, Minnesota and Alabama brought the number of U.S. bank failures to 37 so far this year, regulators said.

The banks closed Friday included three in Georgia: Century Security Bank, Bank of Hiawassee and Appalachian Community Bank.

Their assets and deposits were assumed by other banks, though regulators said they could not find another institution willing to assume the $1.5 billion in deposits held by Advanta Bank Corp.

Draper, the Utah-based unit of Advanta, was seized Friday, the Federal Deposit Insurance Corp. said. Depositors with insured funds of $250,000 or less were expected to receive their checks Monday. The bank had an estimated $247,000 in uninsured deposits and was expected to cost the FDIC insurance fund $635.6 million, The Wall Street Journal reported Saturday.

Elsewhere, state regulators closed State Bank of Aurora in Minnesota, First Lowndes Bank in Alabama and American National Bank in Ohio. Other banks have agreed to assume their assets and deposits, MarketWatch reported.