Friday Bank Closure Report

Every Friday this year, the FDIC has seized the assets of least one bank or thrift and June 27th was no exception. The FDIC seized the assets of 5 banks (2 in Georgia). Currently, I have a short position on a Georgian bank, which to my regret has not been closed. But below is the list of banks closed yesterday.

41st Bank Failure of 2009 (8th in GA)

* FDIC Press Release
* Closed Bank: Community Bank of West Georgia
* Location: Villa Rica, GA
* Size: 1 office, $199.4 million in assets, $182.5 million deposits
* Possible Uninsured Deposits: $1.1 million
* Acquiring Bank: None
* Estimated Cost to Deposit Insurance Fund: $85 million
* Financial Ratings: 0 star (lowest) at BauerFinancial, 1 star (lowest) at Bankrate.com

42nd Bank Failure of 2009 (9th in GA)

* FDIC Press Release
* Closed Bank: Neighborhood Community Bank
* Location: Newnan, GA
* Size: 4 offices, $221.6 million assets, $191.3 million deposits
* Possible Uninsured Deposits: All deposits transferred
* Acquiring Bank: CharterBank, West Point, GA
* Estimated Cost to Deposit Insurance Fund: $66.7 million
* Financial Ratings: 0 star (lowest) at BauerFinancial, 1 star (lowest) at Bankrate.com

43rd Bank Failure of 2009 (1st in MN)

* FDIC Press Release
* Closed Bank: Horizon Bank
* Location: Pine City, MN
* Size: 2 offices, $87.6 million assets, $69.4 million deposits
* Possible Uninsured Deposits: All deposits transferred, except some brokered deposits
* Acquiring Bank: Stearns Bank, N.A., St. Cloud, MN
* Estimated Cost to Deposit Insurance Fund: $33.5 million
* Financial Ratings: 0 star (lowest) at BauerFinancial, 1 star (lowest) at Bankrate.com

44th Bank Failure of 2009 (5th in CA)

* FDIC Press Release
* Closed Bank: MetroPacific Bank
* Location: Irvine, CA
* Size: 1 office, $80 million assets, $73 million deposits
* Possible Uninsured Deposits: All deposits transferred, except brokered deposits
* Acquiring Bank: Sunwest Bank, Tustin, CA
* Estimated Cost to Deposit Insurance Fund: $29 million
* Financial Ratings: 0 star (lowest) at BauerFinancial, 1 star (lowest) at Bankrate.com

45th Bank Failure of 2009 (6th in CA)

* FDIC Press Release
* Closed Bank: Mirae Bank
* Location: Los Angeles, CA
* Size: 5 offices, $456 million assets, $362 million deposits
* Possible Uninsured Deposits: All deposits transferred
* Acquiring Bank: Wilshire State Bank, Los Angeles, CA
* Estimated Cost to Deposit Insurance Fund: $50 million
* Financial Ratings: 0 star (lowest) at BauerFinancial, 1 star (lowest) at Bankrate.com