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: Calculated Risk

Bank Failure #4 to #6 in 2011

By Anonymous

From the FDIC: FDIC Creates the Deposit Insurance National Bank of McDonough to Protect Insured Depositors of Enterprise Banking Company, McDonough, Georgia

As of September 30, 2010, Enterprise Banking Company had $100.9 million in total assets and $95.5 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $39.6 million. Enterprise Banking Company is the fourth FDIC-insured institution to fail in the nation this year, and the second in Georgia.

From the FDIC: Certusbank, National Association, Easley, South Carolina, Assumes All of the Deposits of CommunitySouth Bank and Trust, Easley, South Carolina

As of September 30, 2010, CommunitySouth Bank and Trust had approximately $440.6 million in total assets and $402.4 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $46.3 million. ... CommunitySouth Bank and Trust is the fifth FDIC-insured institution to fail in the nation this year, and the first in South Carolina.

From the FDIC: First Bank, Troy, North Carolina, Assumes All of the Deposits of the Bank of Asheville, Asheville, North Carolina

As of September 30, 2010, The Bank of Asheville had approximately $195.1 million in total assets and $188.3 million in total deposits. ... The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $56.2 million. ... The Bank of Asheville is the sixth FDIC-insured institution to fail in the nation this year, and the first in North Carolina.

No buyer for Enterprise Banking ...

Full post as published by Calculated Risk on January 21, 2011 (boomark / email).