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Bank Failures #34 through #37: Busy Day at FDIC

By Anonymous

March banking madness
Bair's team dominate the boards
Four more fall today
by Soylent Green is People
From the FDIC: Community & Southern Bank, Carrollton, Georgia, Assumes All of the Deposits of Appalachian Community Bank, Ellijay, Georgia

...As of December 31, 2009, Appalachian Community Bank had approximately $1.01 billion in total assets and $917.6 million in total deposits. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $419.3 million. .... Appalachian Community Bank is the 34th FDIC-insured institution to fail in the nation this year, and the fourth in Georgia. The last FDIC-insured institution closed in the state was Century Security Bank, Duluth, earlier today.

From the FDIC: Citizens South Bank, Gastonia, North Carolina, Assumes All of the Deposits of Bank of Hiawassee, Hiawassee, Georgia

As of December 31, 2009, Bank of Hiawassee had approximately $377.8 million in total assets and $339.6 million in total deposits. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $137.7 million. ... Bank of Hiawassee is the 35th FDIC-insured institution to fail in the nation this year, and the fifth in Georgia. The last FDIC-insured institution closed in the state was Appalachian Community Bank, Ellijay, earlier today.

From the FDIC: First Citizens Bank, Luverne, Alabama, Assumes All of the Deposits of First Lowndes Bank, Fort Deposit, Alabama

As of December 31, 2009, First Lowndes Bank had approximately $137.2 million in total assets and $131.1 million in total deposits....

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $38.3 million. ... First Lowndes Bank is the 36th FDIC-insured institution to fail in the nation this year, and the first in Alabama. The last FDIC-insured institution closed in the state was New South Federal Savings Bank, Irondale, on December 18, 2009.

From the FDIC: Northern State Bank, Ashland, Wisconsin, Assumes All of the Deposits of State Bank of Aurora, Aurora, Minnesota

As of December 31, 2009, State Bank of Aurora had approximately $28.2 million in total assets and $27.8 million in total deposits. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $4.2 million. ... State Bank of Aurora is the 37th FDIC-insured institution to fail in the nation this year, and the fourth in Minnesota. The last FDIC-insured institution closed in the state was 1st American State Bank of Minnesota, Hancock, on February 5, 2010.

Seven down today. Probably more to come ...

Full post as published by Calculated Risk on March 19, 2010 (boomark / email).