FDIC Friday ~ March 2, 2012
Posted: Sat Mar 03, 2012 1:06 pmMetro City Bank, Doraville, Georgia, Assumes All of the Deposits of Global Commerce Bank, Doraville, Georgia
As of December 31, 2011, Global Commerce Bank had approximately $143.7 million in total assets and $116.8 million in total deposits. In addition to assuming all of the deposits of the failed bank, Metro City Bank agreed to purchase approximately $79.0 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 $17.9 million. Compared to other alternatives, Metro City Bank's acquisition was the least costly resolution for the FDIC's DIF. Global Commerce Bank is the 12th FDIC-insured institution to fail in the nation this year, and the third in Georgia. The last FDIC-insured institution closed in the state was Central Bank of Georgia, Ellaville, on February 24, 2012.
As of December 31, 2011, Global Commerce Bank had approximately $143.7 million in total assets and $116.8 million in total deposits. In addition to assuming all of the deposits of the failed bank, Metro City Bank agreed to purchase approximately $79.0 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 $17.9 million. Compared to other alternatives, Metro City Bank's acquisition was the least costly resolution for the FDIC's DIF. Global Commerce Bank is the 12th FDIC-insured institution to fail in the nation this year, and the third in Georgia. The last FDIC-insured institution closed in the state was Central Bank of Georgia, Ellaville, on February 24, 2012.