Friday, July 30, 2010

Bank Failure #104: NorthWest Bank and Trust, Acworth, Georgia

by Calculated Risk on 7/30/2010 05:30:00 PM

Red ink rivers rise
Bankers pray for sweet relief.
Survival in doubt

by Soylent Green is People

From the FDIC: State Bank and Trust Company, Macon, Georgia, Assumes All of the Deposits of NorthWest Bank and Trust, Acworth, Georgia
As of March 31, 2010, NorthWest Bank and Trust had approximately $167.7 million in total assets and $159.4 million in total deposits. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $39.8 million. ... NorthWest Bank and Trust is the 104th FDIC-insured institution to fail in the nation this year, and the 11th in Georgia. The last FDIC-insured institution closed in the state was Crescent Bank and Trust Company, Jasper, on July 23, 2010.
It is Friday!