Friday, September 02, 2011

Bank Failures #69 & 70: Two more Georgia Banks

by Calculated Risk on 9/02/2011 06:15:00 PM

Bankers rebel yell
Past war cry once often heard
Now gone with the wind.

by Soylent Green is People

From the FDIC: Georgia Commerce Bank, Atlanta, Georgia, Acquires All the Deposits of Two Georgia Banks
As of June 30, 2011, Patriot Bank of Georgia had approximately $150.8 million in total assets and $111.2 million in total deposits; and CreekSide Bank had total assets of $102.3 million and total deposits of $96.6 million.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for Patriot Bank of Georgia will be $44.4 million and for CreekSide Bank, $27.3 million. Compared to other alternatives, Georgia Commerce Bank's acquisition of the two institutions was the least costly resolution for the FDIC's DIF.

The closings are the 69th and 70th FDIC-insured institutions to fail in the nation so far this year and the eighteenth and nineteenth in Georgia.