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Two Banks Collapse, Bringing 2013 Tally to 12

Pisgah Community Bank (Asheville, North Carolina) and Sunrise Bank (Valdosta, Georgia) became the 11th and 12th federally insured banks to fail in the nation this year, ""FDIC"":http://fdic.gov/ announced.

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To protect depositors at Pisgah Community Bank, FDIC entered into a purchase and assumption agreement with Capital Bank, National Association, of Rockville, Maryland. In addition to assuming all of the failed bank's $21.2 million in deposits, Capital Bank will purchase approximately $19.8 million of its assets. The remaining $2.1 million will be retained by FDIC for later disposition.

FDIC estimates the cost to the Deposit Insurance Fund will be $8.9 million. In addition to being the 11th FDIC-insured institution to fail to this year, Pisgah Community Bank is the second to close in North Carolina.

In Georgia, FDIC entered into a purchase and assumption agreement with Synovus Bank to assume all $57.8 million of Sunrise Bank's deposits and to purchase $13.2 million of its assets. FDIC will retain the remaining $47.6 million for later disposition.

Sunrise Bank's collapse cost the Deposit Insurance Fund an estimated $17.3 million, according to FDIC. It was the third bank to fall in Georgia this year.