Six community-based lenders found regulators at their doors Friday evening, preparing to shut down their operations Ã¢â‚¬" three in Georgia, and one each in Ohio, New Jersey, and Wisconsin. The failures are expected to cost the FDIC some $225 million.[IMAGE]
This latest round of closings pushes the FDIC's ""failed-bank tally"":http://www.fdic.gov/bank/individual/failed/banklist.html for the year to 125. There were 140 bank closings in all of 2009. In 2008, there were 25.
The ""FDIC recently reported"":http://dsnews.comarticles/index/fdic-adds-54-problem-banks-to-its-watch-list-2010-08-31 that the names on its so-called ""Problem List"" of banks climbed to 829 at the end of the second quarter of this year Ã¢â‚¬" the highest it's been since the savings and loan crisis.
""Community & Southern Bank"":http://www.thecsbank.com in Carrollton, Georgia was the acquiring institution of all three Georgia banks that went under Friday: ""The Bank of Ellijay"":http://www.thebankofellijay.com/ in Ellijay, ""First Commerce Community Bank"":http://www.firstccbank.com/ in Douglasville, and ""The Peoples Bank"":http://www.tpbonline.com/ in Winder.[COLUMN_BREAK]
The Bank of Ellijay had two branch offices, deposits of $160.7 million, and assets of $168.8 million.
First Commerce Community Bank also had two branches, with $242.8 million in deposits, and $248.2 million in assets.
The Peoples Bank operated out of 14 branch locations, with deposits of $398.2 million, and assets totaling $447.2 million.
The FDIC and Community & Southern Bank entered into a loss-share transaction on approximately $602.5 million of the failed institutions' assets.
In Milford, Ohio, ""Bramble Savings Bank"":http://www.bramblesavings.com/ was closed. With a single local branch, it had $41.6 million in deposits and assets of $47.5 million. The FDIC brokered a deal with ""Foundation Bank"":http://www.foundationbankus.com in Cincinnati to acquire the failed institution.
""ISN Bank"":http://www.isnbank.com/ in Cherry Hill, New Jersey, had just one branch location, with $79.7 million in deposits, and assets worth $81.6 million. ""New Century Bank"":http://www.customersusabank.com (d.b.a. Customers Bank) out of Phoenixville, Pennsylvania, agreed to step in and take over ISN's operations. The FDIC and New Century Bank agreed to share losses on approximately $64.8 million of ISN's assets.
""Maritime Savings Bank"":http://www.maritimesavings.com/ in West Allis, Wisconsin, was also shut down. ""North Shore Bank, FSB"":http://www.northshorebank.com, of Brookfield, Wisconsin picked up its nine branches, $248.1 million in deposits, and $177.6 million of the failed bank's $350.5 million in assets.