According to the official reports, U. S. bank failures for 2010 reached 72 this week, including the collapse of Illinois' Midwest Bank & Trust Co., which received $84.8 million in bailout funds.

The Wall Street Journal reported on Saturday that Midwest will be taken over by FirstMerit Corp. of Akron, Ohio, but those who hold common shares, including the U. S. government, will likely have their investments wiped out.

The Journal also said that Midwest, which had warned it was struggling for several months, had 23 branches and $3.17 billion in assets.

FirstMerit had agreed to pay a 0.4 percent premium for Midwest's $2.42 billion in deposits, the Federal Deposit Insurance Corp. said.

Banks in Missouri, Georgia and Michigan also failed this week.

Ameris Bank in Georgia agreed to take over the deposits of Satilla Community Bank of St. Marys, Ga., and most of its $135.7 million in assets.

It has been reported that the Bank of Ann Arbor in Michigan, will take over the $101.8 million in assets from the failed New Liberty Bank of Plymouth, Mich.

Simmons First National Bank, in Missouri, will take over deposits held by Southwest Community Bank of Springfield, Mo.

The four failures would cost $301.7 million, which comes out of its deposit insurance fund, the FDIC said. (With Inputs from Agencies)