FDIC Thursday - 11-10-11

[Copper Catcher]

Century Bank of Georgia, Cartersville, Georgia, Assumes All of the Deposits of Community Bank of Rockmart, Rockmart, Georgia

As of September 30, 2011, Community Bank of Rockmart had approximately $62.4 million in total assets and $55.9 million in total deposits. In addition to assuming all of the deposits, Century Bank of Georgia agreed to purchase approximately $40.7 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $14.5 million. Compared to other alternatives, Century Bank of Georgia's acquisition was the least costly resolution for the FDIC's DIF. Community Bank of Rockmart is the 88th FDIC-insured institution to fail in the nation this year, and the 23rd in Georgia. The last FDIC-insured institution closed in the state was Decatur First Bank, Decatur, on October 21, 2011.

[68Camaro]

Not sure what the truth might be, but if there were in fact many more banks lined up technically ready to fail, I'm sure that the FDIC has been instructed that the 2011 total is to be less than the 2010 number, no matter what reality, and that they would delay proceedings in order to get the closings pushed in to 2012.

[henrysmedford]

60 Minutes story on FDIC.