Bank Failure Friday: Georgia Made It 42 Days Without A Bank Failure. Is This Progress?

The AJC tells us that the First National Bank of Savannah has failed:

On Friday federal regulators seized the institution, making it the ninth Georgia-based bank to fail this year and the 39th in the state to be seized since 2008.

The Federal Deposit Insurance Corp. said Savannah Bank, which has more than $1 billion in total assets, will assume First National’s deposits for a premium of 0.11 percent and will purchase some of its assets.

First National had $252.5 million in total assets and $231.9 million in deposits at the end of March.

The FDIC estimates the cost to its Deposit Insurance Fund will be $68.9 million.

The last bank to fail in Georgia was also a coastal area one, when the Satilla Community Bank of St. Marys was closed on May 14th. Perhaps we can try for a July without a bank seizure?

6 comments

  1. Ludwig Von Beachbum says:

    Hey Icky. The number of bank failures in Georgia have been overwhelmingly in and around the Atalanta area. Two back to back in coastal Georgia and it’s a new statistic? Let me add to your meaningless and whop sided analysis . Another coastal bank is about to go.

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