This week, the demise of Georgia-based banks continued as two more firm closed. 23rd ranked Tifton Banking Company of Tifton, GA had approximately $143.7 million in total assets and $141.6 million in total deposits. 370th ranked Ameris Bank of Moultrie, GA has agreed to assume nearly all deposits. Ameris also acquired 66th ranked Darby Bank & Trust Co. of Vidalia, GA. In all, they have acquired the branches of 6 other closed banks since the start of the current banking crisis. Darby Bank had approximately $654.7 million in total assets and $587.6 million in total deposits.
Tifton Banking Company was not the only "Top 40" bank to fail this week. 25th ranked Copper Star Bank of Scottsdale, AZ also closed with approximately $204.0 million in total assets and $190.2 million in total deposits. Stearns Bank, N.A. (6505th) of Saint Cloud, MN has agreed to assume all deposits excluding the Cede & Co. deposits.
In all, 17 of the 40 banks listed have failed in the last 8 weeks.
Friday, November 12, 2010
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