The first failure of the week belongs to 19th ranked American Trust Bank of Roswell, GA. This smaller bank had approximately $238.2 million in total assets and $222.2 million in total deposits when closed. 2463rd ranked Renasant Bank of Tupelo, MS has agreed to assume all deposits of the failed bank along with $147.4 million worth of the former bank's assets. The FDIC estimates the cost of this closure at $71.5 million.
The second failure of the week belongs to 13th ranked North Georgia Bank of Watkinsville, GA. Similarly sized, North Georgia Bank closed with approximately $153.2 million in total assets and $139.7 million in total deposits. 2860th ranked BankSouth of Greensboro, GA has agreed to assume all deposits. The FDIC estimates the cost to the Deposit Insurance Fund (DIF) to be $35.2 million.
The third bank to fail was 125th ranked Community First Bank Chicago of Chicago, IL. It had approximately $51.1 million in total assets and $49.5 million in total deposits was closed. 463rd ranked Northbrook Bank & Trust Company of Northbrook, IL has agreed to assume all deposits. Northbrook Bank & Trust is a subsidiary on Wintrust Financial Corporation. While the bank was high enough on the list to indicate that it had some problems, they were able recapitalize the larger bank holding company with $284.7 million in new equity last December.
Friday, February 4, 2011
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