New Top 40 Bank Fails

New to the rankings at number 18, Central Bank of Georgia of Ellaville, Georgia is our first top 40 bank failure of the new quarter. Similar to most recent failures, Central Bank was a smaller bank with approximately $278.9 million in total assets and $266.6 million in total deposits. Frequent purchaser of failed banks in the area, Ameris Bank (703rd ranked) of Moultrie, Georgia agreed to acquire the assets and deposits of the former Central Bank. The deal with the FDIC included a loss-share transaction on $192.8 million of Central Bank of Georgia's assets. The FDIC estimates that the resulting cost to the Deposit Insurance Fund (DIF) will be $67.5 million.


Home Savings of America of Little Falls, Minnesota also closed today. The formerly OTS regulated bank was not ranked due to differences in the required reporting. "The FDIC was unable to find another financial institution to take over the banking operations of Home Savings of America." As a result the approximately $434.1 million in total assets of the bank will be liquidated by the FDIC and the insured deposits will be returned to customers. The FDIC estimates that the cost to the DIF will be $38.8 million.