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Bank Failures 38 & 39: Southern Community Bank, Fayetteville, Georgia and Cooperative Bank, Wilmington, North Carolina

By Anonymous

Spring wanes to Summer
Crushing debt broods over banks
Fresh Winter for one.
by Soylent Green is People
From the FDIC: United Community Bank, Blairsville, Georgia Assumes All of the Deposits of Southern Community Bank, Fayetteville, Georgia

As of May 29, 2009, Southern Community Bank had total assets of $377 million and total deposits of approximately $307 million.
...
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $114 million. United Community Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. Southern Community Bank is the 38th FDIC-insured institution to fail in the nation this year, and the seventh in Georgia.

Consiglieres?
Blair's agents aren't advisors
More like a Capo
by Soylent Green is People
And from the FDIC: First Bank, Troy, North Carolina, Assumes All of the Deposits of Cooperative Bank, Wilmington, North Carolina

As of May 31, 2009, Cooperative Bank had total assets of $970 million and total deposits of approximately $774 million.
...
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $217 million. First Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. Cooperative Bank is the 39th FDIC-insured institution to fail in the nation this year, and the second in North Carolina.

Full post as published by Calculated Risk on June 19, 2009 (boomark / email).