Bankruptcy

Two More Georgia Banks Fail: First Coweta Bank, EBank Closed By Regulators

By Scott Riddle

Two more Georgia banks were shut down yesterday, making them the 17th and 18th Georgia bank failures in 2009.  Ebank, the Vinings-based thrift founded in 1998 as Commerce Bank, was closed by the Office of Thrift Supervision and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.  Its one branch and deposits were acquired by Stearns Bank of St. Cloud, Minnesota.

The second closing was First Coweta Bank, based in Newnan, Georgia.  It was closed by the Georgia Department of Banking and Finance, and the FDIC was appointed receiver.  All deposit accounts, excluding brokered deposits, have been transferred to United Bank, Zebulon, GA.  Read more about the closing in the Atlanta Business Chronicle. 

Eighteen banks in Georgia have now failed this year, and the nationwide total is 79 failures. 

Full post as published by Georgia Bankruptcy Blog on August 22, 2009 (boomark / email).