by Calculated Risk on 6/26/2009 06:28:00 PM

Former Rebel State
Fertile soil for bank failure
Bumper crop this year.
by Soylent Green is People
From the FDIC: CharterBank, West Point, Georgia Assumes All of the Deposits of Neighborhood Community Bank, Newnan, Georgia

Neighborhood Community Bank, Newnan, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of March 31, 2009, Neighborhood Community Bank had total assets of $221.6 million and total deposits of approximately $191.3 million. ...

The FDIC and CharterBank entered into a loss-share transaction on approximately $178.5 million of Neighborhood Community Bank's assets. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $66.7 million. CharterBank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. Neighborhood Community Bank is the 42nd FDIC-insured institution to fail in the nation this year

Newnan ... (or "Noonan") ... for you Caddyshack fans.