Seven banks fail Friday; toll for year climbs to 37 from BailoutSleuth

State and federal regulators closed seven banks today, including two with more than $1 billion in assets, bringing the total number of bank failures this year to 37.

At this point last year, regulators had shut down 20 banks.

The seven new closures were the most in a single day since Oct. 30, 2009, when nine banks were seized.

The largest closure of the day (see separate story) was at the single-branch Advanta Bank Corp. in Draper, Utah, located outside of Salt Lake City. The bank is an issuer of credit cards for small businesses and professionals.

The day also brought a new rash of bank closings in Georgia, which has suffered more failures than any other state in the wake of the financial crisis.

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