published Saturday, May 11th, 2013

Business Briefs: Synovus purchases failed banks

Synovus purchases failed banks

Regulators closed banks in Georgia and North Carolina Friday, bringing the number of U.S. bank failures to 12 this year.

The Federal Deposit Insurance Corp. seized Pisgah Community Bank, based in Asheville, N.C., and Sunrise Bank, based in Valdosta, Ga. Synovus Bank, based in Columbus, Ga., and the parent company of Cohutta Bank and Trust in Chattanooga, agreed to assume all of Sunrise Bank's deposits and purchase $13.2 million of the failed bank's assets.

Capital Bank in Rockville, Md., will assume the deposits of Pisgah Community Bank.

NRC to inspect Browns Ferry

The U.S. Nuclear Regulatory Commission is set to conduct an intensive inspection beginning next week at the Browns Ferry nuclear plant near Athens, Ala.

A 23-member inspection team will go to the plant Monday to begin the last major step in the NRC's increased oversight process for Browns Ferry following a significant safety violation two years ago. Regulators issued a rare "red finding" against the Tennessee Valley Authority in 2011 for failing to detect a faulty valve in the cooling system on the Unit 1 reactor. The "red" rating for the failure reflects "high significance" for safety.

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