Normally the FDIC shuts down banks on Fridays, but tomorrow is Veterans Day.
From the press release:
Community Bank of Rockmart, Rockmart, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Century Bank of Georgia, Cartersville, Georgia, to assume all of the deposits of Community Bank of Rockmart.
In observance of the Veterans’ Day holiday, the sole branch of Community Bank of Rockmart will reopen during normal business hours on Saturday, November 12, as a branch of Century Bank of Georgia. Depositors of Community Bank of Rockmart will automatically become depositors of Century Bank of Georgia. [. . .]
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $14.5 million. Compared to other alternatives, Century Bank of Georgia’s acquisition was the least costly resolution for the FDIC’s DIF. Community Bank of Rockmart is the 88th FDIC-insured institution to fail in the nation this year, and the 23rd in Georgia.
I’ve written a lot about this subject, but the key questions remain unanswered — even unaddressed:
- What state policies and/or enforcement failures contributed to Georgia leading the nation in bank failures?
- What is the ongoing damage to the Georgia economy from all of our weak and failing banks?
Rockmart is a small city in small Polk County in northwest Georgia on the Alabama county line.