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FirstBank Financial Services based in McDonough, Ga, was closed by state regulators Friday evening, making it the seventh bank to fail so far this year.
FirstBank's four branches will reopen on Monday as Regions Bank, based in Birmingham, Ala., according to federal regulators.
FirstBank's takeover by Regions Bank was the "least costly" option, FDIC said.
If banks continue to fail at a rate of at least one per week, on average, then 2009 could see twice as many failures as in 2008.