Two more Georgia banks shut down by the FDIC

Two more banks in Georgia have been shut down this evening by the FDIC, Bartow Bank in Cartersville and New Horizons Bank in East Ellijay.

From the press release regarding Bartow Bank:

As of December 31, 2010, Bartow County Bank had approximately $330.2 million in total assets and $304.1 million in total deposits. Hamilton State Bank will pay the FDIC a premium of 1.0 percent to assume all of the deposits of Bartow County Bank. In addition to assuming all of the deposits of the failed bank, Hamilton State Bank agreed to purchase essentially all of the assets.

From the press release regarding New Horizons:

As of December 31, 2010, New Horizons Bank had approximately $110.7 million in total assets and $106.1 million in total deposits. Citizens South Bank will pay the FDIC a premium of 1.0 percent to assume all of the deposits of New Horizons Bank. In addition to assuming all of the deposits of the failed bank, Citizens South Bank agreed to purchase essentially all of the assets.

There have been three four (another bank was closed after I made this post) other banks shut down today in the U.S. Five Six closings is a busy Friday, but the FDIC had closed relatively few banks in recent weeks and is well behind the pace I would have expected for 2011 (probably a good sign regarding the economic recovery).

The FDIC’s updated list of failed banks reveals that 33 34 banks in the U.S. have been closed in 2011, 8 of them in Georgia.

1 comment for “Two more Georgia banks shut down by the FDIC

  1. Gunner
    April 15, 2011 at 10:24 pm

    How can we be surprised by this? Remember this is the same state that has Jack Murphy Chairing Senate Banking under the Gold Dome.

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