SEVEN MORE banks closed down in United States on Friday, bringing the tally of bank failures in 2010 to 37. While, this number still seems like an improvement over last year's tally of 140, each bank falure has come up like a blow for many.

The Federal Deposit Insurance Corporation or FDIC on Friday, have closed down the First Lowndes Bank, Appalachian Community Bank, Bank of Hiawassee, and Century Security Bank. Apart from this, the State Bank of Aurora, Advanta Bank Corporation and American National Bank of Parma were also closed down.

The FDIC, which aids banks with bailout packages, was unable to get anyone to purchase the Adventa Bank. The bank is worth $1.6 billon in assets and $1.5 billion in deposits. Meanwhile, the FDIC, on its own in cost matters, took up the payment of insured deposits with bank, announcing that they will be mailed to depositers on Monday.

In the case of the First Lowndes Bank, the FDIC will assume its assets, worth $137.2 million and deposits worth $131.1 million. The Appalachian community bank will see the same occurance, with FDIC assuming $1 billion in assets and $917.6 million in deposits. This will also happen with the Bank of Hiawasswee, the Century Security Bank, State Bank of Aurora and American National Bank.

The pace of bank closures or bank failures, as per regulators, would only go up, with many going under the red line following property loans and development.