Friday, July 18, 2014

Bank Failure #13 in 2014: Eastside Commercial Bank, Conyers, Georgia

by Calculated Risk on 7/18/2014 05:17:00 PM

From the FDIC: Community & Southern Bank, Atlanta, Georgia, Assumes All of the Deposits of Eastside Commercial Bank, Conyers, Georgia

As of March 31, 2014, Eastside Commercial Bank had approximately $169.0 million in total assets and $161.6 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $33.9 million. ... Eastside Commercial Bank is the 13th FDIC-insured institution to fail in the nation this year, and the first in Georgia.
There hasn't been a failure in Georgia since May 2013, but this is the 88th failure in Georgia since the crisis started - the most of any state.