Seven more bank failures brings total to 64

| 24 July 2009 20:58

In truth this is really two failures, but one had six subsidiaries so it counts as seven.  Here are the failures:

The first bank is in New York. Waterford Village Bank, Clarence, New York, was closed by the New York State Banking Department, with the Federal Deposit Insurance Corporation (FDIC) as receiver. Evans Bank, N.A., Angola, New York, will assume all of the deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $5.6 million.
http://www.fdic.gov/bank/individual/failed/waterford.html.

 

The next six are bank subsidiaries of Security Bank Corporation, Macon, Georgia. As of March 31, 2009, the six banks had total assets of $2.8 billion and total deposits of about $2.4 billion. State Bank and Trust Company will acquire $2.4 billion in assets and all of the deposits. The FDIC and State Bank and Trust Company entered into a loss-share transaction on approximately $1.7 billion of the six banks’ assets.

Security Bank of Bibb County
http://www.fdic.gov/bank/individual/failed/sb-bibb.html

Security Bank of Houston County
http://www.fdic.gov/bank/individual/failed/sb-houston.html

Security Bank of Jones County
http://www.fdic.gov/bank/individual/failed/sb-jones.html

Security Bank of Gwinnett County
http://www.fdic.gov/bank/individual/failed/sb-gwinnett.html

Security Bank of North Metro
http://www.fdic.gov/bank/individual/failed/sb-metro.html

Security Bank of North Fulton
http://www.fdic.gov/bank/individual/failed/sb-fulton.html

avatar About Edward Harrison

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages, a skill he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

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