NEW! CalculatedRisk Newsletter on Real Estate (Ad Free) Read it here.

Friday, June 19, 2009

Bank Failures 38 & 39: Southern Community Bank, Fayetteville, Georgia and Cooperative Bank, Wilmington, North Carolina

by Calculated Risk on 6/19/2009 06:11:00 PM

Spring wanes to Summer
Crushing debt broods over banks
Fresh Winter for one.

by Soylent Green is People

From the FDIC: United Community Bank, Blairsville, Georgia Assumes All of the Deposits of Southern Community Bank, Fayetteville, Georgia
As of May 29, 2009, Southern Community Bank had total assets of $377 million and total deposits of approximately $307 million.
...
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $114 million. United Community Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. Southern Community Bank is the 38th FDIC-insured institution to fail in the nation this year, and the seventh in Georgia.
Consiglieres?
Blair's agents aren't advisors
More like a Capo

by Soylent Green is People

And from the FDIC: First Bank, Troy, North Carolina, Assumes All of the Deposits of Cooperative Bank, Wilmington, North Carolina
As of May 31, 2009, Cooperative Bank had total assets of $970 million and total deposits of approximately $774 million.
...
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $217 million. First Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. Cooperative Bank is the 39th FDIC-insured institution to fail in the nation this year, and the second in North Carolina.