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 8, 2013
Newly Listed Top 40 Failure
After nearly a month with no bank closings, sixteenth-ranked Frontier Bank of LaGrange, Georgia was closed today by state regulators. HeritageBank of the South (2029th), headquartered in Albany, Georgia, has agreed to purchase the approximately $258.8 million in total assets and to assume the $224.1 million in total deposits of the former Frontier Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $51.6 million.
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