Two Banks Fail; Possible Losses to Depositors
By Philip van Doorn - 02/24/12 - 6:13 PM EST
Tickers in this article: ABCBNEW YORK (TheStreet) -- Regulators shuttered two banks on Friday, bringing this year's total number of failures to 11. Both failed banks were previously included in TheStreet's fourth-quarter Bank Watch List of undercapitalized institutions, based on regulatory data provided by HighlineFI.
Central Bank of GeorgiaThe 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
Home Savings of AmericaThe 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 CoverageCentral 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:
Philip van Doorn. To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn.
Tickers in this article: ABCB
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