by Calculated Risk on 7/17/2009 05:47:00 PM

Summer days heat up
Does Taxpayers cool cash quench?
Not so for Piedmont.
by Soylent Green is People
From the FDIC:

First Piedmont Bank, Winder, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First American Bank and Trust Company, Athens, Georgia, to assume all of the deposits of First Piedmont Bank.
...
As of July 6, 2009, First Piedmont Bank had total assets of $115 million and total deposits of approximately $109 million.
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The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $29 million. ... First Piedmont Bank is the 54th FDIC-insured institution to fail in the nation this year, and the tenth in Georgia. The last FDIC-insured institution to be closed in the state was Neighborhood Community Bank, Newnan, on June 26, 2009.