Sixteenth Ranked Creekside and a Second Georgia Bank Fail

This week Georgia Commerce Bank (3221st) of Atlanta, Georgia, acquired two other Georgia-based banks: CreekSide Bank (16th) of Woodstock and Patriot Bank of Georgia of Cumming (59th). The two banks were of similar size with approximately $102.3 million in total assets at Creekside and $150.8 million at Patriot. Together, this represents a substantial increase, about 62%, in size for Georgia Commerce while adding 3 more physical branches to their network. In order to facilitate the purchase, the FDIC and Georgia Commerce Bank entered into loss-share transactions on $69.2 million in CreekSide Bank assets and $136.2 million of Patriot Bank's. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will total $71.7 million.