#38 & #39
June 19, 2009 – 6:34 pmWouldn’t you know it, another one in Georgia…
Southern Community Bank, Fayetteville GA
As of May 29, 2009, Southern Community Bank had total assets of $377 million and total deposits of approximately $307 million. United Community Bank paid a premium of 1 percent to acquire all of the deposits of the failed bank. In addition to assuming all of the deposits of the failed bank, United Community Bank agreed to purchase approximately $364 million of assets. The FDIC will retain the remaining assets for later disposition….
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $114 million. United Community Bank’s acquisition of all the deposits was the “least costly” resolution for the FDIC’s DIF compared to alternatives. Southern Community Bank is the 38th FDIC-insured institution to fail in the nation this year, and the seventh in Georgia.
Cooperative Bank, Wilmington NC
As of May 31, 2009, Cooperative Bank had total assets of $970 million and total deposits of approximately $774 million. In addition to assuming all of the deposits of the failed bank, First Bank [of Troy, NC] agreed to purchase approximately $942 million of assets. The FDIC will retain the remaining assets for later disposition.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $217 million. First Bank’s acquisition of all the deposits was the “least costly” resolution for the FDIC’s DIF compared to alternatives. Cooperative Bank is the 39th FDIC-insured institution to fail in the nation this year, and the second in North Carolina.
Posted in FDIC |
One Response to “#38 & #39”
FDIC closed 3 banks today (19 June)
65 banks failed since 2008, 25 in 2008 and 40 in 2009 till now.
Check the list of all the failed banks at :
http://portalseven.com/Failed-Banks-2009
And on google map see where the banks are failing at :
http://portalseven.com/finance/Failed_Banks_Map_2009.jsp
Some statistics about the bank failures :
Southern Community Bank, Fayetteville, GA :
# 38th bank to fail this year in USA
# 7th bank to fail this year and 12th since 2008 from Georgia state.
# Georgia has the maximum bank failures in USA
# As of May 29 has $377 million in assets and $307 million in deposits
# United Community Bank of Blairsville, Ga., will assume all of the deposits.
Cooperative Bank, Wilmington, NC :
# 39th bank to fail this year in USA
# 2nd bank from North Carolina to fail this year
# As of May 31 has $970 million in assets and $774 million in deposits
First National Bank of Anthony, Anthony, KS :
# 40th bank to fail this year in USA
# 2nd bank from Kansas to fail this year
# As of March 31 has $156.9 million in assets and $142.5 million in deposits
By Pravin on Jun 19, 2009