FDIC Failed Bank List, how do I love thee? Let me count the ways:
Security Bank of Jones County, Gray, GA — $387 million in deposits.
Security Bank of Houston County, Perry, GA — $320 million in deposits.
Security Bank of Bibb County, Macon, GA — $1 billion in deposits
Security Bank of North Metro, Woodstock, GA — $212 million in deposits.
Security Bank of North Fulton, Alpharetta, GA — $191 million in deposits.
Security Bank of Gwinnett County, Suwanee, GA — $292 million in deposits.
Waterford Village Bank, Williamsville, NY — Total deposits of approximately $58 million and an estimated hit to the FDIC fund of $5.6 million.
Seven! I love you seven ways.
From the press release for Security Bank of Jones County:
The six bank subsidiaries of Security Bank Corporation, Macon, Georgia, were closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with State Bank and Trust Company, Pinehurst, Georgia, to assume all of the deposits of the six bank subsidiaries of Security Bank Corporation.
That explains the six Georgia failures. For the six Georgia banks combined, the FDIC estimates that the hit to the deposit insurance fund will be $807 million. The FDIC will act as receiver for the six banks.
For those keeping track, that’s 64 banks this year.
