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.