) - Three banks failed Friday, bringing this year's total number of bank failures to 43.
All three banks were previously included in
institutions, based on regulatory data provided by
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
, 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
, 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
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
State regulators shut down
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
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
of The Dalles, Wash., and
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.
Written by Philip van Doorn in Jupiter, Fla.
To contact the writer, click here:
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 TheStreet.com 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.