Friday, March 23, 2012

Bank Failure #14 in 2012: Covenant Bank & Trust, Rock Spring, Georgia

by Bill McBride on 3/23/2012 05:38:00 PM

Another Friday
Another Georgia bank down
The Ouroboros

by Soylent Green is People

From the FDIC: Stearns Bank, National Association, St. Cloud, Minnesota, Assumes
All of the Deposits of Covenant Bank & Trust, Rock Spring, Georgia
As of December 31, 2011, Covenant Bank & Trust had approximately $95.7 million in total assets and $90.6 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $31.5 million. ... Covenant Bank & Trust is the fourteenth FDIC-insured institution to fail in the nation this year, and the fourth in Georgia.
Are there any banks left in Georgia?

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