CHARLOTTE, N.C. — Regulators on Friday shut down three more banks, boosting the number of failures this year to 28 — more bank closures than in all of last year.

CHARLOTTE, N.C. — Regulators on Friday shut down three more banks, boosting the number of failures this year to 28 — more bank closures than in all of last year.

The latest banks seized were American Southern Bank in Georgia, Michigan Heritage Bank, and First Bank of Beverly Hills in California.

The Federal Deposit Insurance Corp. will continue to insure deposits at both American Southern Bank and Michigan Heritage Bank. The FDIC will payout the insured deposits of First Bank of Beverly Hills. Regular deposit accounts are insured up to $250,000.

The Georgia Department of Banking and Finance took over American Southern Bank, based in Kennesaw, Ga., while the Michigan Office of Financial and Insurance Regulation took control of Michigan Heritage Bank, based in Farmington Hills, Mich. First Bank of Beverly Hills, based in Calabasas, Calif., was closed by the California Department of Financial Institutions. The FDIC was appointed receiver of all three banks.

American Southern Bank had about $112.3 million in assets and $104.3 million in deposits as of March 30.

The FDIC said a majority of the bank's deposits will be assumed by Bank of North Georgia. American Southern Bank branches will reopen Monday as offices of Bank of North Georgia.

Michigan Heritage Bank had about $184.6 million in assets and $151.7 million in deposits as of Dec. 31.

The FDIC said a majority of the bank's deposits will be assumed by Level One Bank. The three offices of Michigan Heritage will reopen Monday as branches of Level One.

First Bank of Beverly Hills had about $1.5 billion in assets and $1 billion in deposits as of Dec. 31. It is estimated the bank had $179,000 of uninsured deposits.

Friday's bank closings mark the fifth in Georgia this year.

The 28 bank collapses this year follow 25 failures in 2008, which included two of the biggest savings and loans, Washington Mutual Inc. and IndyMac Bank. Last year's total was more than in the previous five years combined and up from only three failures in 2007.