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Georgia bank becomes 10th to fail

ALPHARETTA, Ga., Aug. 30 (UPI) -- State regulators say they've shut down the Integrity Bank of Alpharetta, Ga., marking the United States' 10th bank failure of 2008.

The Integrity Bank, which listed $1.1 billion in total assets and $974.0 million in total deposits as of June 30, was closed Friday and the Federal Deposit Insurance Corp. was named receiver, CNN reported. Officials told reporters Regions Bank of Birmingham, Ala., would assume Integrity Bank's deposits.

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"There is no need for customers to change their banking relationship to retain their deposit insurance," the FDIC said in a statement.

CNN said Regions Bank has agreed to pay a portion of the failed bank's deposits and will buy about $34.4 million of its assets, while the FDIC is set to retain the remaining assets for later disposition.

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