Friday, August 21, 2009

Bank Failures: #79 & #80: CapitalSouth Bank, Birmingham, Alabama and First Coweta, Newnan, Georgia

by Bill McBride on 8/21/2009 06:10:00 PM

Birmingham failure
Georgia, running out of banks?
South will sink again...

by Soylent Green is People

From the FDIC: United Bank, Zebulon, Georgia, Assumes All of the Deposits of First Coweta, Newnan, Georgia
First Coweta, 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 July 31, 2009, First Coweta had total assets of $167 million and total deposits of approximately $155 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $48 million. ... First Coweta is the 79th FDIC-insured institution to fail in the nation this year, and the eighteenth in Georgia. The last FDIC-insured institution closed in the state was ebank, Atlanta, earlier today.
From the FDIC: IBERIABANK, Lafayette, Louisiana, Assumes All of the Deposits of CapitalSouth Bank, Birmingham, Alabama
CapitalSouth Bank, Birmingham, Alabama, was closed today by the Alabama State Banking Department, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of June 30, 2009, CapitalSouth Bank had total assets of $617 million and total deposits of approximately $546 million....

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $151 million. ... CapitalSouth Bank is the 80th FDIC-insured institution to fail in the nation this year, and the second in Alabama. The last FDIC-insured institution closed in the state was Colonial Bank, Montgomery, on August 14, 2009.