FDIC Friday 05-20-11

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FDIC Friday 05-20-11

Postby Copper Catcher » Fri May 20, 2011 6:13 pm

Like they say a billion here and a billion there and soon your talking real money...Wait a minute was that billion or trillion? I guess it depends who you are talking to in Washington. :shock: There was a big flushing sounds heard in Georgia today and my bet it want be covered by the media!

CertusBank, National Association, Easley, South Carolina, acquired the banking operations, including all the deposits, of Atlantic Southern Bank, Macon, Georgia, and First Georgia Banking Company, Franklin, Georgia. The two banks were closed today by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver for each institution.

As of March 31, 2011, Atlantic Southern Bank had total assets of $741.9 million and total deposits of $707.6 million; and First Georgia Banking Company had total assets of $731.0 million and total deposits of $702.2 million. Besides assuming all the deposits from the two Georgia banks, CertusBank, N.A. will purchase essentially all of their assets.

The FDIC and CertusBank, N.A. entered into loss-share transactions on the failed banks' assets. The loss-share transaction for Atlantic Southern Bank was $585.1 million, and the loss-share transaction for First Georgia Banking Company was $452.1 million. CertusBank, N.A. will share in the losses on the asset pools covered under the loss-share agreements. The loss-share transactions are projected to maximize returns on the assets covered by keeping them in the private sector. The transactions also are expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/fai ... index.html.
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