Montgomery Bank & Trust, a long time presence in Ailey, Georgia, was closed today by the Georgia Department of Banking and Finance. Montgomery Bank and Trust, which had been in business since 1926, became insolvent after a large amount of borrowers defaulted on their loans. The FDIC was appointed as receiver and sold the failed […]
Security Exchange Bank, Marietta, GA, Fails After Loan Defaults Soar
June 16, 2012 By Leave a Comment
Security Exchange Bank, Marietta, GA, a locally owned community bank headquartered in Marietta, GA, was closed today by the Georgia Department of Banking and Finance. The FDIC, acting as receiver, sold the failed Bank to Fidelity Bank, Atlanta, GA. Both branches of the failed Bank will reopen on Monday as branches of Fidelity Bank and […]
Carolina Federal Savings Bank, Charleston, SC, Collapses
June 8, 2012 By Leave a Comment
The State of South Carolina experienced its second bank failure of the year as regulators closed Carolina Federal Savings Bank, Charleston, SC. The Office of the Comptroller of the Currency closed the insolvent bank to protect depositors and appointed the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Bank of […]
Two Banks Fail In Minnesota and Georgia – FDIC Losses Hit $1 Billion
February 25, 2012 By Leave a Comment
Regulators closed two banks in Minnesota and Georgia, bringing the total number of banking failures for the year to eleven. A total of four bank failures have now occurred in Minnesota and Georgia. During all of 2011 a total of only two banks failed in Minnesota. Georgia had a total of 23 bank failures during […]
Central Bank of Georgia Fails After Serving Public For 102 Years
February 24, 2012 By Leave a Comment
Any bank that can last for 102 years deserves special recognition for surviving business panics, stock market crashes, world wars and economic depressions. The Central Bank of Georgia, Ellaville, GA, is in this category, having been established on September 16, 1910 and surviving until today when the Georgia Department of Banking and Finance closed the […]
First National Bank of Olathe, Kansas, Closed By Regulators
August 12, 2011 By Leave a Comment
The First National Bank of Olathe, established in 1887, was closed today by the Office of the Comptroller of the Currency. The FDIC, appointed as receiver, sold the failed bank to Enterprise Bank & Trust, Clayton, Missouri. Enterprise Bank & Trust will assume all deposits of failed First National Bank of Olathe. All six branches […]
Four Banks Fail In Georgia, Florida and Arizona
July 15, 2011 By Leave a Comment
July 15 – Regulators closed four banks today in Georgia, Florida and Arizona, bringing the total number of bank failures this year to 55. The total assets of the four failed banks amounted to $679 million and the cost to the FDIC Deposit Insurance Fund was estimated at $129.1 million. The four failed banks this […]
High Trust Bank of Georgia Fails, Sold To Ameris Bank
July 15, 2011 By Leave a Comment
High Trust Bank, Stockbridge, Georgia, was closed today by the Georgia Department of Banking and Finance. The FDIC, acting as receiver, sold the $192 million asset failed bank to Ameris Bank of Moultrie, Georgia. High Trust Bank has consistently been ranked as one of the most unsafe banks in Georgia by various bank rating agencies. […]
One Georgia Bank of Atlanta Fails, Sold To Bank With Outstanding TARP Loans
July 15, 2011 By Leave a Comment
One Georgia Bank of Atlanta, Georgia, a $186 million dollar asset bank, was closed today by the Georgia Department of Banking and Finance. The FDIC, acting as receiver, sold the failed bank to Ameris Bank. One Georgia Bank has been effectively insolvent since late last year with a troubled asset ratio of 350% which is […]
New Horizons Bank of East Ellijay, GA, Fails and Sold To Bank With Unpaid TARP Loan
April 15, 2011 By Leave a Comment
New Horizons Bank, East Ellijay, Georgia, was closed today by the Georgia Department of Banking and Finance which named the FDIC as receiver. The FDIC entered into a purchase and assumption agreement with Citizens South Bank, Gastonia, North Carolina, to assume all deposits and purchase all assets of failed New Horizons. New Horizons was a […]