Friday, October 14, 2011

Bank Failures #77 through 79: In Georgia, North Carolina and New Jersey

by Bill McBride on 10/14/2011 05:33:00 PM

Be vewey quiet
It's banker hunting season
Throughout the states South

by Soylent Green is People

From the FDIC: State Bank and Trust Company, Macon, Georgia, Assumes All of the Deposits of Piedmont Community Bank, Gray, Georgia
As of June 30, 2011, Piedmont Community Bank had approximately $201.7 million in total assets and $181.4 million in total deposits
...
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $71.6 million. ... Piedmont Community Bank is the 77th FDIC-insured institution to fail in the nation this year, and the twentieth in Georgia.
From the FDIC: Bank of North Carolina, Thomasville, North Carolina, Assumes All of the Deposits of Blue Ridge Savings Bank, Inc., Asheville, North Carolina
As of June 30, 2011, Blue Ridge Savings Bank, Inc. had approximately $161.0 million in total assets and $158.7 million in total deposits.
...
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $38.0 million. ... Blue Ridge Savings Bank, Inc. is the 78th FDIC-insured institution to fail in the nation this year, and the second in North Carolina.
From the FDIC: Northfield Bank, Staten Island, New York, Assumes All of the Deposits of First State Bank, Cranford, New Jersey
As of June 30, 2011, First State Bank had approximately $204.4 million in total assets and $201.2 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $45.8 million. ... First State Bank is the 79th FDIC-insured institution to fail in the nation this year, and the first in New Jersey.
Another bank in Georgia - and a pretty large percentage loss too!