Georgia is in no danger of losing its status as home to more failed banks in the last few years than any other state.
The FDIC has just announced the failure of two more banks: Community Capital Bank in Jonesboro and Decatur First Bank in Decatur.
From the press release regarding Decatur First Bank:
The five branches of Decatur First Bank will reopen during their normal business hours beginning Saturday as branches of Fidelity Bank. [. . .]
As of June 30, 2011, Decatur First Bank had approximately $191.5 million in total assets and $179.2 million in total deposits. In addition to assuming all of the deposits of the failed bank, Fidelity Bank agreed to purchase essentially all of the assets. [. . .]
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $32.6 million. Compared to other alternatives, Fidelity Bank’s acquisition was the least costly resolution for the FDIC’s DIF. Decatur First Bank is the 82nd FDIC-insured institution to fail in the nation this year, and the twenty-first in Georgia. The last FDIC-insured institution closed in the state was Piedmont Community Bank, Gray, on October 14, 2011.
From the press release regarding Community Capital Bank:
The two branches of Community Capital Bank will reopen during their normal business hours beginning Saturday as branches of State Bank and Trust Company. [. . .]
As of June 30, 2011, Community Capital Bank had approximately $181.2 million in total assets and $166.2 million in total deposits. In addition to assuming all of the deposits of the failed bank, State Bank and Trust Company agreed to purchase essentially all of the assets. [. . .]
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $62.0 million. Compared to other alternatives, State Bank and Trust Company’s acquisition was the least costly resolution for the FDIC’s DIF. Community Capital Bank is the 83rd FDIC-insured institution to fail in the nation this year, and the twenty-second in Georgia. The last FDIC-insured institution closed in the state was Decatur First Bank, Decatur, earlier today.
Jonesboro is in Clayton County, south of Atlanta.
Old Harbor Bank in Clearwater, Florida was also shut down today.