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Bank Failures #125 & 126: Two more in Georgia

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From the FDIC: State Bank and Trust Company, Macon, Georgia, Assumes All of the Deposits of the Buckhead Community Bank, Atlanta, Georgia

The Buckhead Community Bank, Atlanta, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of November 6, 2009, The Buckhead Community Bank had total assets of approximately $874.0 million and total deposits of approximately $838.0 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $241.4 million. ... The Buckhead Community Bank is the 125th FDIC-insured institution to fail in the nation this year, and the 22nd in Georgia. The last FDIC-insured institution closed in the state was United Security Bank, Sparta, on November 6, 2009.

From the FDIC: State Bank and Trust Company, Macon, Georgia, Assumes All of the Deposits of First Security National Bank, Norcross, Georgia

First Security National Bank, Norcross, Georgia, was closed today by the Office of the Comptroller of the Currency (OCC), which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver....

As of September 30, 2009, First Security National Bank had total assets of approximately $128.0 million and total deposits of approximately $123.0 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $30.1 million. ... First Security National Bank is the 126th FDIC-insured institution to fail in the nation this year, and the 23rd in Georgia. The last FDIC-insured institution closed in the state was The Buckhead Community Bank, Atlanta, earlier today.

Full post as published by Calculated Risk on December 04, 2009 (boomark / email).