American Trust BankThe Georgia Department of Banking and Finance shut down American Trust Bank of Roswell, which had $238.2 million in total assets and $222.2 million in total deposits. The Federal Deposit Insurance Corp. was named receiver and sold the all of the deposits to Renasant Bank of Tupelo, Miss., which is the main subsidiary of Renasant Corp. ( RNST - Get Report). In addition to the deposits, Renasant Bank assumed $147.4 million of the failed bank's assets, with the FDIC retaining the rest for later disposition. The FDIC agreed to cover 80% of losses on $94.3 million of the assets acquired by Renasant, and estimated the cost of American Trust Bank's failure to the deposit insurance fund would be $71.5 million. American Trust Bank's three branches were scheduled to reopen Monday as branches of Renasant Bank.
North Georgia BankState regulators closed North Georgia Bank of Watkinsville, which had $153.2 million in assets and $139.7 million in total deposits. The FDIC was appointed receiver and sold the failed bank's deposits to BankSouth of Greensboro, Ga., except for deposits place through brokers or over the Internet. Customers with brokered deposits were advised to contact their brokers for more information. Customers with deposits made over the Internet were to be mailed a check by the FDIC. For the Internet deposits, the agency had not yet determined whether any balances exceeded insurance limits. BankSouth also acquired $123.9 million of North Georgia Bank's assets, with the FDIC retaining the rest for later disposition. The FDIC agreed to cover 80% of losses on $120.1 million of the assets acquired by BankSouth and estimated the cost of North Georgia Bank's failure to the deposit insurance fund would be $35.2 million.
Community First Bank - ChicagoThe Illinois Department of Financial and Professional Regulation took over Community First Bank - Chicago, which had $51.1 million in total assets and $49.5 million in total deposits as of Dec. 31. As receiver, the FDIC sold the failed bank's deposits for a 0.50% premium to Northbrook Bank and Trust Company, which is a unit of Wintrust Financial ( WTFC - Get Report). The FDIC agreed to cover $48.2 million of the assets acquired by Northbrook Bank and Trust, and estimated the cost to the deposit insurance fund would be $11.7 million. Community First Bank - Chicago's office was set to re-open during normal business hours as a Northbrook branch. The failed bank's customers were told to continue using the same branch until advised by Northbrook Bank and Trust that it had completed systems changes allowing Community First's customers to use other Northbrook branches process their accounts.
Thorough Bank Failure CoverageAll bank and thrift closures since the beginning of 2008 are detailed in TheStreet's 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.
Philip van Doorn. >To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn. >To submit a news tip, send an email to: firstname.lastname@example.org.