Friday, March 08, 2013

Bank Failure #4 in 2013: Frontier Bank, LaGrange, Georgia

by Bill McBride on 3/08/2013 06:20:00 PM

From the FDIC: HeritageBank of the South, Albany, Georgia, Assumes All of the Deposits of Frontier Bank, LaGrange, Georgia

As of December 31, 2012, Frontier Bank had approximately $258.8 million in total assets and $224.1 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $51.6 million. ... Frontier Bank is the fourth FDIC-insured institution to fail in the nation this year, and the first in Georgia.
It is Friday! And this is the first failure in Georgia this year (it took until March for a bank to fail in Georgia - the economy must be improving!)

Earlier on the employment report:
February Employment Report: 236,000 Jobs, 7.7% Unemployment Rate
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