State regulators closed banks in Georgia, Florida and Tennessee on Friday, making June a busy month for failures.
The failures of Security Exchange Bank in Marietta, Ga., Putnam State Bank in Palatka, Fla., and Farmers Bank of Lynchburg in Tennessee, are expected to cost the Deposit Insurance Fund $100 million. The three failures bring the 2012 failure total to 31, with seven of those banks failing in June.
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