Posted on December 4, 2009 at 11:00 PM
WASHINGTON (AP) — Regulators have shuttered six banks, including Ohio's AmTrust Bank.
The Cleveland-based bank is the fourth largest of the 130 banks that have failed so far this year.
Its failure is expected to cost the Federal Deposit Insurance Corp. $2 billion. The federal Office of Thrift Supervision put restrictions on AmTrust about a year ago because of concern that its reserves against losses were dangerously low.
In addition to its Ohio branches, AmTrust had banks in Florida and Arizona. Its 66 branches will reopen tomorrow as offices of New York Community Bank.
Three Georgia banks were also seized by the FDIC. They are Buckhead Community Bank, based in Atlanta; First Security National Bank, based in Norcross, Ga. and Tattnall Bank, of Reidsville, Ga.
Aurora, Ill.-based Benchmark Bank has also been closed as was Greater Atlantic Bank, of Reston, Va.
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