FDIC Thursday - 11-10-11
Posted: Sat Nov 12, 2011 11:17 amCentury 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.
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.