Georgia Bank Fails; 2012 Tally at 12

NEW YORK ( TheStreet) -- State regulators on Friday shuttered Global Commerce Bank of Doraville, Ga., bringing this year's total number of bail failures to 12.

The failed bank was previously included in TheStreet's fourth-quarter Bank Watch List of undercapitalized institutions, based on regulatory data provided by HighlineFI.

Global Commerce Bank had $143.7 million in total assets and $116.8 million in deposits when it was taken over by the Georgia Department of Banking and Finance. The Federal Deposit Insurance Corp. was appointed receiver, and sold the failed bank's deposits to Metro City Bank, also of Doraville, Ga.

Metro City Bank also agreed to purchase $79 million of the failed bank's assets, with the FDIC retaining the rest for later disposition.

Global Commerce Bank's three offices were set to reopen during normal business hours, as branches of Metro City Bank.

The FDIC estimated the cost of Global Commerce Bank's failure to the deposit insurance fund would be $17.9 million.

Thorough Bank Failure Coverage

Global Commerce Bank was the third Georgia bank to fail, following 23 failures in the state during 2011.

All 425 previous 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.


-- Written by Philip van Doorn in Jupiter, Fla.

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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.