No Closings This Week

There were no new closings for the week ended July 1st.

Regulators Close Another Top 40

34th ranked, Mountain Heritage Bank of Clayton, Georgia, was closed today. Deposits of the bank were acquired by First American Bank and Trust Company (1271th) of Athens, Georgia. Mountain Heritage Bank had approximately $103.7 million in total assets and $89.6 million in total deposits at the time of failure. First American Bank and Trust Company also entered into a loss-share transaction with the FDIC on $69.2 million of Mountain Heritage Bank's assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $41.1 million.

This McIntosh is Not So Sweet

14th ranked McIntosh State Bank of Jackson, Georgia, was finally closed today. The approximately $339.9 million bank in total assets was acquired by Hamilton State Bank (6627th). Hamilton State Bank entered into a loss-share transaction with the FDIC on $242.1 million of the former McIntosh State Bank's assets. Hamilton previously purchased the Bartow County Bank in April of this year. The FDIC estimates costs to the Deposit Insurance Fund (DIF) of about $80.0 million.

34th ranked First Commercial Bank of Tampa Bay, Florida, was also closed today. The nearly $100 million bank by assets was acquired by Stonegate Bank (5519th) of Fort Lauderdale, Florida. The failed bank acquisition was the first for Stonegate and did not include any form of loss-sharing. The FDIC estimates that the cost to the DIF will be $28.5 million.

No New Closings

There were no closings this week.

Atlantic Bank and Trust Closes This Week

In the 45th bank closing of the year, un-ranked Atlantic Bank and Trust of Charleston, South Carolina, was closed today by the Office of Thrift Supervision. First Citizens Bank and Trust Company, Inc. (1310th) of Columbia, South Carolina has agreed to assume all of the deposits of the former bank. The roughly $200 million acquisition in terms of total assets was First Citizens' third since the beginning of the current crisis.
The FDIC entered into a loss-share transaction on $141.8 million of Atlantic Bank and Trust's assets. They estimate that the cost to the Deposit Insurance Fund (DIF) will be $36.4 million.

Columbia State Bank Acquires Second Failed Bank in Two Weeks

79th ranked First Heritage Bank of Snohomish, Washington by state regulators. The approximately $173.5 million bank by assets was taken over by Columbia State Bank of Tacoma, Washington. Columbia assumed the assets and deposits of the bank and entered into a $142.2 million loss-share transaction with the FDIC. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $34.9 million.

2 Georgia Banks Test the Newest List

Mirroring events in Feb., two Georgia-based banks were the first to fail after the newest Bank Blog listing.

21st ranked Atlantic Southern Bank of Macon and 85th ranked First Georgia Banking Company of Franklin were both closed and acquired by CertusBank, N.A., of Easley, SC (6003rd). Both banks were of similar size with assets and deposits slightly over $700 million. The FDIC and CertusBank, N.A. entered into loss-share transactions on $585.1 million of the assets of the former Atlantic Southern Bank and $452.1 million for First Georgia Banking Company. The combined cost to the deposit insurance fund is estimated at $431.0 million.

49th ranked Summit Bank of Burlington, Washington, was also closed today. The approximately $142.7 million dollar bank (by assets) was acquired by Columbia State Bank (3714th). The FDIC and Columbia State Bank entered into a loss-share transaction on $113.4 million of Summit Bank's assets. Overall, the FDIC estimates that the cost of closing Summit Bank at $15.7 million.