Skip to content
Bailoutsleuth

Bailoutsleuth

Get detailed information on technology and finance topics

  • Home
  • Technology
  • News
  • Blog
  • Disclaimer
  • Contact Us
  • About Us
  • Privacy Policy
  • Toggle search form
three-small-banks-go-under

Three small banks go under; toll for 2011 rises to 14

Posted on June 3, 2022 By Kelvin O'Connor No Comments on Three small banks go under; toll for 2011 rises to 14

Regulators seized three small banks Friday, boosting the number of closings in the new year to 14.

Two of the banks were in Georgia, which has produced a steady stream of failures since the financial crisis began in 2008. The third was in Illinois, another of the hardest-hit states. All three institutions had been operating under regulatory enforcement orders.

The biggest bank to go under was American Trust Bank in Roswell, Ga. Renasant Bank, of Tupelo, Miss., took over American Trust’s three branches and $222.2 million in deposits. It also acquired $147.4 million of the failed bank’s $238.2 million in assets.

The FDIC retained the remaining assets for later sale.

BankSouth, of Greensboro, Ga., absorbed North Georgia Bank, in Watkinsville, Ga. That two-branch bank had $139.7 million in deposits and $153.2 million in total assets. The FDIC retained about $30 million of North Georgia Bank’s assets.

Regulators also closed Community First Bank – Chicago. Northbrook Bank and Trust Co., based in the Chicago suburbs, took over Community First’s sole branch, it’s $49.5 million in deposits and $51.1 million in assets.

The FDIC said the closings would cost its deposit-insurance fund an estimated $116.4 million.

Read Also:-

Four more banks fail, raising the total for the year to 18

News

Post navigation

Previous Post: How to reset network settings on iPhone
Next Post: What Is VPN On iPhone | Should You Turn On VPN On iPhone

Related Posts

a-new-appointment A new appointment News
the-end-of-bailout-transparency-already The End of Bailout Transparency Already? News
more-bailout-contracts-contain-blacked-out-portions More bailout contracts contain blacked out portions News
regulatory-agency-takes-enforcement-action-against-two-tarp-recipients Regulatory agency takes enforcement action against two TARP recipients News
waters-grills-treasury-OCC-officials Waters grills Treasury, OCC officials at mortgage-modification hearing News
Regulators-seized-six-more-banks-Friday Regulators close six more banks; total for the year stands at 157 News

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • A new appointment
  • The End of Bailout Transparency Already?
  • More bailout contracts contain blacked out portions
  • Regulators close three more banks; two go to TARP recipients
  • More banks accepted for TARP; more decline

Recent Comments

No comments to show.

Archives

  • June 2022
  • May 2022

Categories

  • News
  • Technology

Copyright © 2022 Bailoutsleuth.

Powered by PressBook Masonry Blogs