Piedmont Community BankThe Georgia Department of Banking and Finance shut down Piedmont Community Bank of Gray, which was held by Piedmont Community bank Group ( PCBN) and had $201.7 million in total assets and $181.4 million in deposits. The Federal Deposit Insurance Corp. was appointed receiver and sold the failed bank to State Bank and Trust Co. of Macon, Ga. The agency agreed to cover 80% of losses on $163.2 million in assets acquired by State Bank and Trust and estimated the cost of Piedmont Community Bank's failure to the deposit insurance fund would be $71.6 million. The acquiring bank is the main subsidiary of State Bank Financial Corp. ( STBZ). The failed bank's two branches were set to reopen Saturday as branches of State Bank and Trust.
Blue Ridge Savings BankThe North Carolina Office of Commissioner of Banks closed Blue Ridge Savings Bank of Ashville, which had $161 million in total assets and $158.7 million in deposits. The FDIC was appointed receiver and sold the failed institution to Bank of North Carolina, of Thomasville, which is held by BNC Bancorp ( BNCN). The FDIC agreed to cover 80% of losses on $143.2 of the failed bank's assets acquired by Bank of North Carolina and estimated the cost of Blue Ridge Savings Bank's failure to the deposit insurance fund would be $38 million. Blue Ridge Savings Bank's 10 branches were scheduled to reopen Monday as Bank of North Carolina branches.
First State BankNew Jersey regulators shuttered First State Bank of Cranford, which had total assets of $204.4 million and $201.2 million in deposits. A receiver, the FDIC sold the failed bank to Northfield Bank of Staten Island, New York. First State Bank's two office were scheduled to reopen Saturday as branches of Northfield Bank. The FDIC estimated that the cost of First State Bank's failure to the deposit insurance fund would be $45.8 million.
Country BankThe Illinois Department of Financial and Professional Regulation too over Country Bank of Aledo, which had $190.6 million in assets and $167.5 million in deposits. The FDIC was appointed receiver and sold the failed bank's deposits to Blackhawk Bank & Trust of Milan, Ill. The acquiring bank also purchased $113.3 million of the filed bank's assets, with the FDIC retaining the remaining assets for later disposition. The failed bank's two branches were scheduled to reopen Saturday as branches of Blackhawk Bank & Trust. The FDIC estimated that the cost of Country Bank's failure to the deposit insurance fund would be $66.3 million.
Thorough Bank Failure CoverageGeorgia leads all states with 20 bank failures this year, followed by Florida, with 11 failures, and Illinois, with eight bank closures. All 401 bank and thrift closures since the beginning of 2008 are detailed in TheStreet's interactive bank failure map:
Philip van Doorn. To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn.