Regulators on Friday shut down a small bank in South Carolina, the 45th U.S. bank failure this year in the wake of economic distress and piles of bad loans.
The pace of closures has slowed, however, as the economy improved and banks worked their way through the bad debt. By this time last year, regulators had closed 81 banks.
The Federal Deposit Insurance Corp. seized Atlantic Bank and Trust, based in Charleston, S.C., with $208.2 million in assets and $191.6 million in deposits. First Citizens Bank and Trust Co., based in Columbia, S.C., agreed to assume the assets and deposits of the failed bank.
In addition, the FDIC and First Citizens Bank and Trust agreed to share losses on $141.8 million of Atlantic Bank and Trust's loans and other assets.
The failure of Atlantic Bank and Trust is expected to cost the deposit insurance fund $36.4 million.
In 2010 regulators seized 157 banks, the most in a year since the savings-and-loan crisis two decades ago.
The FDIC has said that 2010 likely would mark the peak for bank failures.

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Regulators on Friday shut down a small bank in South Carolina, the 45th U.S. bank failure this year in the wake of economic distress and piles of bad loans.
Comment: And how interestingly convenient, as it is being "revealed", that there was indeed a "major CIA station".