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Federal regulators close 2 Georgia banks adding to U.S. bank failures

2009-12-07 20:00:16 (GMT) (Caymanmama.com - Banks & Banking News)

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Savannah, Georgia (CaymanMama.com) — The nation’s struggling bank situation continues to decline as federal regulators closed the doors to two Georgia banks, bringing the total to 126 bank failures this year in America.

The Federal Deposit Insurance Corp. took over Atlanta-based Buckhead Community Bank, holding $874 million in assets and $838 million in deposits. It also took over First Security National Bank with $128 million in assets and $123 million in deposits.

State Bank and Trust Co. has come to an agreement to take over all deposits and assets of Buckhead Community Bank in addition to the deposits and about $118 million of the assets of First Security National Bank. The remainder will be held by the FDIC for sale in the future.

The FDIC and State Bank and Trust have come to agreement to share the loss on approximately $692 million of Buckhead Community Bank’s loans and remaining assets.

According to the AP, “Buckhead Community Bank and its six branches in Georgia — Sandy Springs Community Bank, Midtown Community Bank, Alpharetta Community Bank, Cobb Community Bank, Forsyth Community Bank and Hall Community Bank — will reopen during normal business hours as branches of State Bank and Trust, the FDIC said.”

First Security National Bank’s four branches will reopen as offices of State Bank and Trust.



eEditor · Filed Under Banks & Banking 

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