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Bank Failures #32 & #33: Georgia and Utah

By Anonymous

An Oxymoron?
Century Security
Or a Paradox?

Utah's Advanta
A mirage in the desert
Phantom worth now gone.
by Soylent Green is People

From the FDIC: Bank of Upson, Thomaston, Georgia, Assumes All of the Deposits of Century Security Bank, Duluth, Georgia

Century Security Bank, Duluth, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of December 31, 2009, Century Security Bank had approximately $96.5 million in total assets and $94.0 million in total deposits....

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $29.9 million. ... Century Security Bank is the 32nd FDIC-insured institution to fail in the nation this year, and the third in Georgia. The last FDIC-insured institution closed in the state was Community Bank and Trust, Cornelia, on January 29, 2010.

From the FDIC: FDIC Approves the Payout of the Insured Deposits of Advanta Bank Corp., Draper, Utah

The Federal Deposit Insurance Corp. (FDIC) approved the payout of the insured deposits of Advanta Bank Corp., Draper, Utah....

As of December 31, 2009, Advanta Bank Corp. had approximately $1.6 billion in total assets and $1.5 billion in total deposits. ...

Advanta Bank Corp. is the 33rd FDIC-insured institution to fail this year and the third in Utah since Centennial Bank, Ogden, was closed on March 5, 2010. The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $635.6 million.

That makes three today - and another payout (no buyer) in Utah.

Full post as published by Calculated Risk on March 19, 2010 (boomark / email).