Mountain Heritage Bank of Clayton became the 48th bank nationally to fail so far in 2011. First American Bank and Trust Company of Athens took it over on Friday.

The Deposit Insurance Fund took a big percentage hit in the failure. Losses amounted to 41.1 million or almost 50% of the banks $89 million in deposits.

Overall there are around 1,000 banks in some form of trouble with almost $420 billion in assets.