Another Georgia bank failure: Jasper Banking Company

From the FDIC:

Jasper Banking Company, Jasper, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Stearns Bank National Association, St. Cloud, Minnesota, to assume all of the deposits of Jasper Banking Company. [. . .]

As of March 31, 2012, Jasper Banking Company had approximately $216.7 million in total assets and $213.1 million in total deposits. In addition to assuming all of the deposits of the failed bank, Stearns Bank National Association agreed to purchase essentially all of the assets.

The FDIC and Stearns Bank National Association entered into a loss-share transaction on $106.0 million of Jasper Banking Company’s assets. [. . .]

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $58.1 million. Compared to other alternatives, Stearns Bank National Association’s acquisition was the least costly resolution for the FDIC’s DIF. Jasper Banking Company is the 39th FDIC-insured institution to fail in the nation this year, and the ninth in Georgia. The last FDIC-insured institution closed in the state was First Cherokee State Bank, Woodstock, on July 20, 2012.

Jasper is in Pickens County, in the northern portion of the Atlanta metro area.

I don’t see any record of a publicly released FDIC enforcement action on the unofficial problem bank list that has tried to track such actions.


  1. The Last Democrat in Georgia says:

    WOO-HOO! That party vibe in the air could only mean one thing….That it’s another edition of BANK FAILURE FRIDAY!!!!

    Oh, how I do love Bank Failure Fridays!

  2. seekingtounderstand says:

    Ga has only one bank that rates as a safe bank by Weiss rating system.
    Think about that. And FYI that bank located in south ga will not take any new clients at this time.

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