Advanta Bank, Six Other U.S. Lenders Collapse Amid Bad Loans

March 20, 2010  |  

March 20 (Bloomberg) — Advanta Bank Corp., owned by the bankrupt credit-card issuer, was shut by regulators along with three lenders in Georgia as the number of failed banks this year climbed to 37. Advanta was closed by Utah’s regulator, according to a statement yesterday from the Federal Deposit Insurance Corp., which was named receiver. The FDIC couldn’t find a buyer for Advanta’s business, and will mail checks to insured depositors. Georgia’s Appalachian Community Bank, with $1 billion in assets, was closed along with lenders in Minnesota, Alabama and Ohio.

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