FDIC Friday - 02-18-2011 ~Georgia~

[Copper Catcher]

Habersham Bank, Clarkesville, GA

As of December 31, 2010, Habersham Bank had approximately $387.6 million in total assets and $339.9 million in total deposits. In addition to assuming all of the deposits of the failed bank, SCBT National Association agreed to purchase essentially all of the assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $90.3 million. Compared to other alternatives, SCBT National Association's acquisition was the least costly resolution for the FDIC's DIF. Habersham Bank is the nineteenth 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 North Georgia Bank, Watkinsville, on February 4, 2011.


Citizens Bank of Effingham, Springfield, GA

As of December 31, 2010, Citizens Bank of Effingham had approximately $214.3 million in total assets and $206.5 million in total deposits. HeritageBank of the South will pay the FDIC a premium of 1.0 percent to assume all of the deposits of Citizens Bank of Effingham. In addition to assuming all of the deposits of the failed bank, HeritageBank of the South agreed to purchase essentially all of the assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $59.4 million. Compared to other alternatives, HeritageBank of the South's acquisition was the least costly resolution for the FDIC's DIF. Citizens Bank of Effingham is the twentieth FDIC-insured institution to fail in the nation this year, and the sixth in Georgia. The last FDIC-insured institution closed in the state was Habersham Bank, Clarkesville, earlier today.

[AGCoinHunter]

Georgia, going strong in closed banks. Way to represent my home state!

[VWBEAMER]

Yay Georgia....lucky the economy is pretty good in Mid Georgia.