As of December 31, 2011, Central Bank of Georgia had approximately $278.9 million in total assets and $266.6 million in total deposits. In addition to assuming all of the deposits of the failed bank, Ameris Bank agreed to purchase essentially all of the assets.
The FDIC and Ameris Bank entered into a loss-share transaction on $192.8 million of Central Bank of Georgia's assets. Ameris Bank will share in the losses on the asset pools covered under the loss-share agreement.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $67.5 million. Compared to other alternatives, Ameris Bank's acquisition was the least costly resolution for the FDIC's DIF. Central Bank of Georgia is the tenth FDIC-insured institution to fail in the nation this year, and the second in Georgia. The last FDIC-insured institution closed in the state was The First State Bank, Stockbridge, on January 20, 2012.
This is the first time I think we have seen this happen........Can it be the house of cards is starting to lean more?
FDIC Approves the Payout of the Insured Deposits of Home Savings of America, Little Falls, Minnesota Including two branches in Orange County, California, and one in Walnut Creek, CalifornThe Federal Deposit Insurance Corporation (FDIC) approved the payout of the insured deposits of Home Savings of America, Little Falls, Minnesota. The bank was closed today by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver.
The FDIC was unable to find another financial institution to take over the banking operations of Home Savings of America. The FDIC will mail directly to depositors of Home Savings of America, checks for the amount of their insured money.
Customers with questions about today's transaction, including those with accounts in excess of $250,000, should call the FDIC toll-free at 1-800-523-8089. The phone number will be operational this evening until 9:00 p.m., Pacific Standard Time (PST); on Saturday from 9:00 a.m. to 6:00 p.m., PST; on Sunday from noon to 6:00 p.m., PST; on Monday from 8 a.m. to 8 p.m., PST; and thereafter from 9:00 a.m. to 5:00 p.m., PST. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/fai ... esvgs.html.
Beginning Monday, depositors of Home Savings of America with more than $250,000 at the bank may visit the FDIC's Web page "Is My Account Fully Insured?" at http://www2.fdic.gov/dip/Index.asp to determine their insurance coverage.
As of December 31, 2011, Home Savings of America had $434.1 million in total assets and $432.2 million in total deposits. The amount of uninsured deposits will be determined once the FDIC obtains additional information from those customers.
The FDIC as receiver will retain all the assets from Home Savings of America for later disposition. Loan customers should continue to make their payments as usual.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $38.8 million. Home Savings of America is the eleventh FDIC-insured institution to fail in the nation this year, and the second in Minnesota. The last FDIC-insured institution closed in the state was Patriot Bank Minnesota, Forest Lake, on January 27, 2012.
