Friday, November 11, 2011

One Small Failure

With a shortened week due to Veteran's Day, 98th ranked Community Bank of Rockmart of Rockmart, Georgia, was closed yesterday by authorities. It was acquired by Century Bank of Georgia (1760th) of Cartersville, Georgia. Community Bank of Rockmart had approximately $62.4 million in total assets and $55.9 million in total deposits, although only $40.7 million of the failed bank's assets were acquired. The FDIC will retain the remaining assets for later disposition. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $14.5 million.