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Regulators have shut down a total of five banks in Florida, Georgia and Michigan, lifting the number of U.S. bank failures this year to 39. That follows 157 bank closures in 2010 in a limping economy and mounting soured loans.
The Federal Deposit Insurance Corp. on Friday seized the banks: First National Bank of Central Florida, based in Winter Park, Fla., with $352 million in assets; Cortez Community Bank of Brooksville, Fla., with $70.9 million in assets; First Choice Community Bank of Dallas, Ga., with $308.5 million in assets; Park Avenue Bank, based in Valdosta, Ga., with $953.3 million in assets; and Community Central Bank in Mount Clemens, Mich., with $476.3 million in assets.