Six Banks Fail, 2010 Tally Now 125
WASHINGTON (TheStreet) -- Regulators shuttered six banks in four state Friday, bringing the total number of bank failures for 2010 to 125.
Community & Southern Picks Up More Georgia Banks
The Georgia Department of Banking and Finance closed Bank of Ellijay, First Commerce Community Bank of Douglasville, Ga. and The Peoples Bank of Winder, Ga. The Federal Deposit Insurance Corp. was appointed receiver and sold all three banks to Community & Southern Bank of Carrollton, Ga., which was formed in January when it acquired the failed First National Bank of Georgia. Community & Southern also purchased the failed Appalachian Community Bank of Ellijay from the FDIC in March.Bank of Ellijay had $169 million in total assets and $161 million in deposits as of June 30, and First Commerce Community Bank had $248 million in total assets and $243 million in deposits. Community & Southern paid the FDIC a 1% premium to acquire the deposits of both institutions. The Peoples Bank had $447 million in assets and $398 million in deposits. Community & Southern paid the FDIC a 1.25% premium for the deposits of The Peoples Bank. > > Bull or Bear? Vote in Our Poll Community & Southern also took on the three failed Georgia banks' total assets, with the FDIC agreeing to share in losses on $602.5 million. The agency estimated that the failure of Bank of Ellijay would cost the deposit insurance fund $55.2 million, with First Commerce Community costing $71.4 million and The Peoples Bank costing $98.9 million. Bank of Ellijay had two branch offices including one operating as Bank of Canton. First Commerce Community Bank had two branches and The Peoples Bank has 14 branches. All were scheduled to reopen during normal business hours as branches of Community & Southern Bank.
Other Bank Closures on FridayThe New Jersey Department of Banking and Insurance shut down ISN Bank of Cherry Hill, N.J., which was then sold by the FDIC to New Century Bank of Phoenixville, Pa. Please see TheStreet's earlier coverage for details on this bank failure. The Ohio Division of Financial Institutions shuttered Bramble Savings Bank of Milford, Ohio. As receiver, the FDIC arranged for Foundation Bank of Cincinnati to assume the failed bank's $47.5 million in total assets and $41.6 million in deposits. Bramble Savings Bank's office was scheduled to reopen Saturday as a Foundation Bank Branch. The FDIC estimated the failure would cost its deposit insurance fund $14.6 million. The Office of Thrift Supervision closed Maritime Savings Bank of West Allis, Wis., which had $352 million in total assets and $248 million in deposits. The FDIC arranged for North Shore Bank, FSB of Brookfield, Wis. to assume all of the failed institution's deposits and $178 million of its assets with the agency retaining the rest. The failure was expected to cost the deposit insurance fund $83.6 million. Maritime's nine branches were set to reopen during normal business hours as branches of North Shore Bank.
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