The Federal Deposit Insurance Corporation took over 7 banks on Friday, July 24, 2009. The banks taken over include 6 subsidiaries of Security Bank Corporation, Macon, Georgia and 1 in New York. These takeovers bring the total for the year to 57 banks. The banks include Security Bank of Jones County, Gray, Georgia, Security Bank of Houston County, Perry, Georgia, Security Bank of Bibb County, Macon, Georgia, Security Bank of North Metro, Woodstock, Georgia, Security Bank of North Fulton, Alpharetta, Georgia, Security Bank of Gwinnett County, Suwanee, Georgia, and Waterford Village Bank, Williamsville, New York.

By comparison, only 3 credit unions have been closed so far this year. If you still do your banking at a for-profit bank, make the switch to a credit union, find a credit union using Credit Unions Online list of credit unions.

Waterford Village Bank, Clarence, New York

Waterford Village Bank, Clarence, New York, was closed today by the New York State Banking Department, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Evans Bank, N.A., Angola, New York, to assume all of the deposits of Waterford Village Bank.

The single office of Waterford Village Bank will reopen on Monday as a branch of Evans Bank, N.A. Depositors of Waterford Village Bank will automatically become depositors of Evans Bank, N.A. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use the existing branch until Evans Bank, N.A. can fully integrate the deposit records of Waterford Village Bank.

Security Bank, Georgia (6 Banks)

The six bank subsidiaries of Security Bank Corporation, Macon, Georgia, were closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with State Bank and Trust Company, Pinehurst, Georgia, to assume all of the deposits of the six bank subsidiaries of Security Bank Corporation.

The six banks involved in today's transaction are: Security Bank of Bibb County, Macon, GA, with $1.2 billion in total assets and $1 billion in deposits; Security Bank of Houston County, Perry, GA, with $383 million in assets and $320 million in deposits; Security Bank of Jones County, Gray, GA, with $453 million in assets and $387 million in deposits; Security Bank of Gwinnett County, Suwanee, GA, with $322 million in assets and $292 million in deposits; Security Bank of North Metro, Woodstock, GA, with $224 million in assets and $212 million in deposits; and Security Bank of North Fulton, Alpharetta, GA, with $209 million in assets and $191 million in deposits.