Another Friday, another...SEVEN banks closed.
Weiss
Posts: 9,941 ✭✭✭✭✭
Regulators took down seven more banks Friday with a combined $3.3 billion in assets, marking a total of 37 failures for 2010.
The Federal Deposit Insurance Corp. couldn't find another institution willing to assume the $1.5 billion in deposits held by Advanta Bank Corp. The estimated cost to the FDIC insurance fund is $635.6 million.
Regulators also closed the two-branch Duluth, Ga. Century Security Bank, Hiawassee, Ga.-based Bank of Hiawassee; and Appalachian Community Bank of Ellijay, Ga.
The 10-branch Appalachian Community Bank was the largest of the Georgia banks to go down Friday, with $1.01 billion in assets. The FDIC estimated the loss to its insurance fund of $419.3 million.
The other institutions to go down Friday were Aurora, Minn.-based State Bank of Aurora, Fort Deposit, Ala.-based First Lowndes Bank and Parma, Ohio-based American National Bank.
The Federal Deposit Insurance Corp. couldn't find another institution willing to assume the $1.5 billion in deposits held by Advanta Bank Corp. The estimated cost to the FDIC insurance fund is $635.6 million.
Regulators also closed the two-branch Duluth, Ga. Century Security Bank, Hiawassee, Ga.-based Bank of Hiawassee; and Appalachian Community Bank of Ellijay, Ga.
The 10-branch Appalachian Community Bank was the largest of the Georgia banks to go down Friday, with $1.01 billion in assets. The FDIC estimated the loss to its insurance fund of $419.3 million.
The other institutions to go down Friday were Aurora, Minn.-based State Bank of Aurora, Fort Deposit, Ala.-based First Lowndes Bank and Parma, Ohio-based American National Bank.
We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
--Severian the Lame
--Severian the Lame
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Comments
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong
<< <i>Georgia seems to be having more than their share. Aren't their also state banking regulators to keep banks on their toes? >>
Don't hold my ass to the fire on this, but from what I understand the GA banks especially the ones around Atlanta, were pressured by the Fed Govt. to make alot of loans to the lower income folks, which GA has more than it's fair share of.
HH
1947-P & D; 1948-D; 1949-P & S; 1950-D & S; and 1952-S.
Any help locating any of these OBW rolls would be gratefully appreciated!
<< <i>
<< <i>Georgia seems to be having more than their share. Aren't their also state banking regulators to keep banks on their toes? >>
Don't hold my ass to the fire on this, but from what I understand the GA banks especially the ones around Atlanta, were pressured by the Fed Govt. to make alot of loans to the lower income folks, which GA has more than it's fair share of.
HH >>
Sounds reasonable. Keep in mind they were all under pressure, thus our current situation.
The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong