Skip to main content



) - Three banks failed Friday, bringing this year's total number of bank failures to 43.

All three banks were previously included in



Bank Watch List



institutions, based on regulatory data provided by

SNL Financial


Two Georgia Banks Fail

The Georgia Department of Banking and Finance closed

Atlantic Southern Bank

of Macon, which had $741.9 million in total assets and $707.6 million in deposits; and

First Georgia Banking Company

of Franklin, which had $731 million in assets and $702.2 million in deposits.


Federal Deposit Insurance Corp.

was appointed receiver and sold both institutions to

CertusBank, NA

, of Easley, S.C.

The FDIC agreed to cover 80% of losses on $585.1 million in assets acquired by CertusBank from Atlantic Southern Bank, and $452.1 million in assets acquired by CertusBank from First Georgia Banking Company. The agency estimated the cost to the deposit insurance fund from Atlantic Southern Bank's failure would be $273.5 million and that the cost from First Georgia Banking Company's failure would be $156.5 million.

The failed banks' 26 offices were set to reopen during normal business hours as branches of CertusBank.

CertusBank, NA was newly chartered in January as a subsidiary of

Blue Ridge Holdings

of Charlotte, N.C., when it purchased the failed

Community South Bank & Trust

, also of Easley, S.C. The

Office of the Comptroller of the Currency

had granted the holding company a "shelf charter" in November, and the

Charlotte Observer

reported at that time that Blue Ridge Holdings had raised $500 million in capital to finance bank purchases and was led by Chief Executive Officer Milton Jones and Chief Operating Officer Charlie Williams, who had both previously worked for

Bank of America

(BAC) - Get Free Report


Summit Bank

State regulators shut down

Summit Bank

of Burlington, Wash., which had $142.7 million in total assets and $131.6 million in deposits. The FDIC was appointed receiver and sold the failed bank's deposits for a 0.75% premium to

Columbia State Bank

of Tacoma, Wash.

The acquiring bank is the main subsidiary of

Columbia Banking System

(COLB) - Get Free Report


In addition to the deposits, Columbia State Bank assumed the failed institution's assets, with the FDIC covering 80% of losses on $113.4 million of the acquired assets. The agency estimated the cost of Summit Bank's failure to the deposit insurance fund would be $15.7 million.

Summit Bank's three branches were scheduled to reopen Monday as branches of Columbia State Bank.

Columbia State Bank previously purchased the failed

Columbia River Bank

of The Dalles, Wash., and

American Marine Bank

of Bainbridge Island, Wash., in January 2010.

Thorough Bank Failure Coverage

All bank and thrift closures since the beginning of 2008 are detailed in


interactive bank failure map:

The bank failure map is color-coded, with the states having the greatest number of failures highlighted in dark gray, and states with no failures in light green. By moving your mouse over a state you can see its combined 2008-2011 totals. Then click the state to open a detailed map pinpointing the locations and providing additional information for each bank failure.


Thrifts Join Bank Watch List >>

10 Bank Dividends with Room to Rise >>

Prosecutors Can Get Goldman >>

UBS Denies Wells Rumors as Wealth Scramble Continues >>

M&T TARP Repayment Pressure Builds >>


Written by Philip van Doorn in Jupiter, Fla.

To contact the writer, click here:

Philip van Doorn


To follow the writer on Twitter, go to


To submit a news tip, send an email to:


Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.