WASHINGTON (AP) -- Regulators say they have closed banks in North Carolina and Georgia, bringing the number of U.S. bank failures to 12 this year.
The Federal Deposit Insurance Corp. on Friday seized Pisgah Community Bank, based in Asheville, N.C., and Sunrise Bank, based in Valdosta, Ga.
The FDIC arranged for other banks to take over the failed banks' deposits and purchase some of their assets.
Pisgah Community Bank, which operated a single branch, had roughly $21.9 million in assets and $21.2 million in deposits as of March 31.
Sunrise Bank, which had three branches, had about $60.8 million in assets and $57.8 million in deposits.
The failure of the two lenders is expected to cost the deposit insurance fund $26.2 million.