Two Banks Fail; Possible Losses to Depositors
NEW YORK (TheStreet) -- Regulators shuttered two banks on Friday, bringing this year's total number of failures to 11.
Central Bank of Georgia
The Georgia Department of Banking and Finance took over Central Bank of Georgia, of Ellaville, which had $278.9 million in total assets and $266.6 million in deposits when it was taken over by. The Federal Deposit Insurance Corp. was appointed receiver, and sold the failed bank to Ameris Bank of Multire, Ga.
The acquiring bank is the main subsidiary of Ameris Bancorp
The FDIC agreed to share losses on $192.8 million of the assets acquired by Ameris Bank.
Central Bank of Georgia's five offices were set to reopen during normal business hours, beginning Saturday, as branches of Ameris Bank.
The FDIC estimated the cost of Central Bank of Georgia's failure to the deposit insurance fund would be $67.5 million.
Interested in more on Ameris Bancorp? See TheStreet Ratings' report card for this stock.
Home Savings of America
The Office of the Comptroller of the Currency closed Home Savings of America, of Little Falls, Minn., which had $434.1 million in total assets and $432.2 million in deposits.
The FDIC was appointed receiver for the failed bank, but was unable to find a buyer, and announced it would mail checks for the amount of their insured deposits directly to customers.
The agency said that customers of the failed bank with over $250,000 in deposits could call the FDIC at 1-800-523-8089 or visit the special website for more information.
The FDIC said that it would retain the failed bank's assets for later disposition, and that "loan customers should continue to make their payments as usual."
The FDIC estimated that the failure of Home Savings of America would cost the deposit insurance fund $38.8 million.
Thorough Bank Failure Coverage
Central Bank of Georgia was the second bank to fail in the state this year, following 23 Georgia bank failures in 2011.
All previous bank and thrift closures since the beginning of 2008 are detailed in TheStreet's interactive bank failure map:
The bank failure map is color-coded, with the states having the greatest number of failures highlighted in dark gray, and states with no failures in light green. By moving your mouse over a state you can see its combined 2008-2011 totals. Then click the state to open a detailed map pinpointing the locations and providing additional information for each bank failure.
-- Written by Philip van Doorn in Jupiter, Fla.
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