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FDIC Friday night: Three more bankruptcies in Georgia

| 4 December 2009 18:02

Yesterday I wrote how bank bankruptcies are crushing small business and households in Georgia. Today we got three more to bring the total to 23 this year, 29 since the subprime crisis began.

The Buckhead Community Bank, Atlanta, Georgia

As of November 6, 2009, The Buckhead Community Bank had total assets of approximately $874.0 million and total deposits of approximately $838.0 million. State Bank and Trust Company did not pay the FDIC a premium for the deposits of The Buckhead Community Bank. In addition to assuming all of the deposits of the failed bank, State Bank and Trust Company agreed to purchase essentially all of the failed bank’s assets.

The FDIC and State Bank and Trust Company entered into a loss-share transaction on approximately $692 million of The Buckhead Community Bank’s assets. State Bank and Trust Company will share in the losses on the asset pools covered under the loss-share agreement.

First Security National Bank, Norcross, Georgia

As of September 30, 2009, First Security National Bank had total assets of approximately $128.0 million and total deposits of approximately $123.0 million. State Bank and Trust Company did not pay the FDIC a premium for the deposits of First Security National Bank. In addition to assuming all of the deposits of the failed bank, State Bank and Trust Company agreed to purchase approximately $118.0 million of the failed bank’s assets. The FDIC retained the remaining assets for later disposition.

The FDIC and State Bank and Trust Company entered into a loss-share transaction on approximately $82.4 million of First Security National Bank’s assets. State Bank and Trust. Company will share in the losses on the asset pools covered under the loss-share agreement.

The Tattnall Bank, Reidsville, Georgia

As of September 30, 2009, The Tattnall Bank had total assets of $49.6 million and total deposits of approximately $47.3 million. HeritageBank of the South did not pay the FDIC a premium for the deposits of The Tattnall Bank. In addition to assuming all of the deposits of the failed bank, HeritageBank of the South agreed to purchase $48.5 million of the failed bank’s assets. The FDIC retained the remaining assets for later disposition.

Note: this post was originally written before the third and fourth bankruptcy of the night hit the wires. The last one, AmTrust in Ohio can be found on the FDIC website here.  I will have a separate post on this.

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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 and reads another five, skills 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. Edward also writes a premium financial newsletter. Sign up here for a free trial.

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