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, July 18, 2014
Another Top 40 Failure
At 19th, Eastside Commercial Bank of Conyers, Georgia was a frequent member of the list and was finally closed today by the
Georgia Department of Banking & Finance. Eastside Commercial Bank had two branches and approximately
$169.0 million in total assets and $161.6 million in total deposits. Community & Southern Bank of Atlanta, Georgia has agreed to purchase approximately $104.7
million of the failed bank's assets and will assume all deposits. The
FDIC also will separately enter into an agreement with State Bank and Trust Company of
Macon, Georgia, to purchase $42.6 million of Eastside Commercial Bank's
loans while retaining the remaining assets for later disposition. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF)
will be $33.9 million.
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