Georgia bank becomes 10th failure of 2008

(CNNMoney.com) - State regulators shuttered a Georgia bank late Friday, marking the 10th bank failure this year. Integrity Bank, based in Alpharetta, Georgia, was closed by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corp. was named receiver.

The bank had $1.1 billion in total assets and $974 million in total deposits as of June 30. The FDIC approved the assumption of Integrity Bank's deposits by Regions Bank, of Birmingham, Alabama. The failed bank's five offices will reopen Tuesday as branches of Regions Bank.

All depositors of Integrity Bank, including those with deposits in excess of the FDIC's $100,000 insurance limit, will automatically become depositors of Regions Bank for the full amount of their deposits, the FDIC said in a news release.
–By CNNMoney.com's Ben Rooney in New York