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Bailout
: Calculated RiskBank Failure #42: Neighborhood Community Bank, Newnan, Georgia
By Anonymous
Fertile soil for bank failure
Bumper crop this year.
by Soylent Green is People
From the FDIC: CharterBank, West Point, Georgia Assumes All of the Deposits of Neighborhood Community Bank, Newnan, Georgia
Neighborhood Community Bank, Newnan, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...Newnan ... (or "Noonan") ... for you Caddyshack fans.As of March 31, 2009, Neighborhood Community Bank had total assets of $221.6 million and total deposits of approximately $191.3 million. ...
The FDIC and CharterBank entered into a loss-share transaction on approximately $178.5 million of Neighborhood Community Bank's assets. ...
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $66.7 million. CharterBank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. Neighborhood Community Bank is the 42nd FDIC-insured institution to fail in the nation this year
Full post as published by Calculated Risk on June 26, 2009 (boomark / email).
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