While EBank of Atlanta had the lowest capital ratios, Southern Community Bank had the highest exposure of capital to problem assets, with a ratio of nonperforming loans and securities to core capital and loan loss reserves of 204.16%. This is also known as the "Texas ratio."

Bank failures are not limited to institutions that report being undercapitalized. Since regulatory reports containing capital ratios only come out quarterly and take quite some time to be made available, the information is always a bit stale.

Significant Georgia Bank Failures

Omni National Bank, Freedom Bank of Georgia and FirstBank Financial Services, three of the four Georgia bank failures this year, all were undercapitalized by ordinary regulatory guidelines as of Dec. 31.

Regions Financial ( RF), which in August acquired deposits and branches of Integrity Bank, Georgia's biggest failure, also acquired FirstBank Financial Services of McDonough, which failed on Feb. 6 and had $337 million in assets.

Omni National was the second largest Georgia failure, with $980 million in total assets. Unlike most bank failures, the FDIC didn't line up another institution to buy Omni's deposits and branches, but rather appointed SunTrust ( STI) paying agent, to service Omni's insured retail depositors until April 27th, by which time depositors would be required to withdraw their money or move their deposits to SunTrust accounts.

Another significant Georgia failure was Haven Trust Bank of Duluth, which was shut down by state regulators on Dec. 12, with all deposits and branches acquired by BB&T ( BBT).

FirstCity Bank was considered adequately capitalized as of Dec. 31, with a tier-1 leverage ratio of 4.57% and a total risk-based capital ratio of 8.54%.

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