#38 & #39

June 19, 2009 – 6:34 pm

Wouldn’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.

  1. One Response to “#38 & #39”

  2. 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

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