State and federal regulators on Friday closed the doors on two Georgia lenders, bringing the number of names on the ""FDIC's failed-bank list"":http://www.fdic.gov/bank/individual/failed/banklist.html to 70 for the 2011 calendar year.
The state of Georgia's banking industry has been especially hard-hit by the real estate and economic downturns. It's been home to the most bank failures since the crisis set in,[IMAGE] [COLUMN_BREAK]
with 19 institutional closings over the last eight-and-a-half months.
""Patriot Bank of Georgia"":http://www.patriotbankga.com/ in Cumming and ""CreekSide Bank"":http://www.creeksidebank.com/ in Woodstock are the latest casualties. Both failed lenders were taken over by ""Georgia Commerce Bank"":http://www.gacommercebank.com headquartered in Atlanta.
Patriot Bank of Georgia had one branch, $111.2 million in deposits, and $150.8 million in assets.
CreekSide Bank operated out of two branch locations, with deposits totaling $96.6 million and $102.3 million in assets.
The FDIC and Georgia Commerce Bank entered into loss-share transactions on the failed banks' assets. The loss-share agreement for Patriot Bank of Georgia covers $136.2 million of its assets, and the loss-share transaction for CreekSide Bank covers $69.2 million of the acquired assets.
The FDIC estimates that the cost to its deposit insurance fund for Patriot Bank of Georgia will be $44.4 million and for CreekSide Bank, $27.3 million.