Friday, August 21, 2009

Bank Failure #78: ebank Atlanta, Georgia

by Calculated Risk on 8/21/2009 05:15:00 PM

Once Internet fave
Ebank has been pushed off-line
Now mere vapor ware.

by Soylent Green is People

From the FDIC: Stearns Bank, National Association, St. Cloud, Minnesota, Assumes All of the Deposits of ebank Atlanta, Georgia
ebank, Atlanta, Georgia, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of July 10, 2009, ebank had total assets of $143 million and total deposits of approximately $130 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $63 million. ... ebank is the 78th FDIC-insured institution to fail in the nation this year, and the seventeenth in Georgia. The last FDIC-insured institution closed in the state was Security Bank of Jones County, Gray, on July 24, 2009.
The costs to the DIF are esimtated at 44% of assets. Ouch.

It is Friday!