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, March 2, 2012
First Failure of March
Falling just short of our list, 53rd ranked Global Commerce
Bank of Doraville, Georgia, was closed today by state regulators. Metro City Bank (4865th) also based in
Doraville, Georgia, has agreed to assume all of the approximately $116.8 million in deposits of the former Global Commerce
Bank in addition to $79 million in assets. $116.8 million in total deposits. The FDIC will retain the remaining assets, with a book value of approximately $64.7 million according to Global's most recent filing, for later
disposition. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF)
will be $17.9 million.
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