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Bank Failure #41: Community Bank of West Georgia, Villa Rica, Georgia

By Anonymous

Summer break arrives
Zero rest for the wicked,
Neither for Blair's crew.
by Soylent Green is People
From the FDIC: FDIC Approves the Payout of Insured Deposits of Community Bank of West Georgia, Villa Rica, Georgia

Community Bank of West Georgia, Villa Rica, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. To protect the depositors, the Federal Deposit Insurance Corporation (FDIC) will mail checks to insured depositors for their insured funds on Monday morning, June 29th.
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As of May 15, 2009, Community Bank of West Georgia had total assets of $199.4 million and total deposits of $182.5 million.
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The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $85 million. Community Bank of West Georgia is the 41st FDIC-insured institution to fail in the nation this year, and the eighth in Georgia.

This is another closing without a buyer - I think the third this year.

Full post as published by Calculated Risk on June 26, 2009 (boomark / email).