Using cutting edge research, this blog predicts and comments on the probability of failure for the nearly 7000 regulated banks monitored by the Federal Reserve. While most depositors may be protected by the FDIC, the importance of bank survival is still very important to bank clientele with lines of credit, mortgages, loans or other forms of financing. We seek to inform people that they might be at risk.
Friday, June 24, 2011
Regulators Close Another Top 40
34th ranked, Mountain Heritage Bank of Clayton, Georgia, was closed today. Deposits of the bank were acquired by First American Bank and Trust Company (1271th) of Athens, Georgia. Mountain Heritage Bank had approximately $103.7 million in total assets and $89.6 million in total deposits at the time of failure. First American Bank and Trust Company also entered into a loss-share transaction with the FDIC on $69.2 million of Mountain Heritage Bank's assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $41.1 million.