2 Georgia Banks Test the Newest List

Mirroring events in Feb., two Georgia-based banks were the first to fail after the newest Bank Blog listing.

21st ranked Atlantic Southern Bank of Macon and 85th ranked First Georgia Banking Company of Franklin were both closed and acquired by CertusBank, N.A., of Easley, SC (6003rd). Both banks were of similar size with assets and deposits slightly over $700 million. The FDIC and CertusBank, N.A. entered into loss-share transactions on $585.1 million of the assets of the former Atlantic Southern Bank and $452.1 million for First Georgia Banking Company. The combined cost to the deposit insurance fund is estimated at $431.0 million.

49th ranked Summit Bank of Burlington, Washington, was also closed today. The approximately $142.7 million dollar bank (by assets) was acquired by Columbia State Bank (3714th). The FDIC and Columbia State Bank entered into a loss-share transaction on $113.4 million of Summit Bank's assets. Overall, the FDIC estimates that the cost of closing Summit Bank at $15.7 million.