After a Thanksgiving holiday respite, the FDIC returned to the ugly task of killing turkeys. The Friday night festivities feature an over/under of 4. The FDIC is attempting to recreate Sherman’s march to the sea by burning through every bank in Georgia. Tonight, three banks from Georgia closed their doors. Next, the FDIC got serious and closed AmTrust, the Ohio based mess that has inexplicably kept its doors open far longer than they had a right. AmTrust is a $12 billion dollar bust. Benchmark bank in Illinois and Greater Atlantic in Virginia couldn’t live up to their monikers. Yes, Virginia, the FDIC is dipping into its reserves.

Six bite the dust. The 2009 total now stands at 130.

Everything on the West Coast is copacetic. California has experienced a complete recovery. There are no banks worth closing in Arizona, Nevada, or Cali. Happy Days.

#125 - The Buckhead Community Bank, Atlanta, Georgia, was closed Friday, December 04, 2009 by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. State Bank and Trust Company, Macon, Georgia will assume all of the deposits of The Buckhead Community Bank.

The Buckhead Community Bank had total assets of approximately $874.0 million and total deposits of approximately $838.0 million, and six branches operating under the following names: The Sandy Springs Community Bank, The Midtown Community Bank, The Alpharetta Community Bank, The Cobb Community Bank, The Forsyth Community Bank, and The Hall Community Bank.

State Bank and Trust Company did not pay the FDIC a premium for the deposits of The Buckhead Community Bank. The FDIC and State Bank and Trust Company entered into a loss-share transaction on approximately $692 million of The Buckhead Community Bank's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $241.4 million. The Buckhead Community Bank is the 125th FDIC-insured bank failure in the nation this year, and the 22nd in Georgia.

Cert # 34663

#126 - First Security National Bank, Norcross, Georgia, was closed Friday, December 04, 2009 by the Office of the Comptroller of the Currency (OCC), which appointed the FDIC as receiver. State Bank and Trust Company, Macon, Georgia will assume all of the deposits of First Security National Bank.

First Security National Bank had total assets of approximately $128.0 million and total deposits of approximately $123.0 million, and four branch locations. State Bank and Trust Company did not pay the FDIC a premium for the deposits of First Security National Bank.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $30.1 million. First Security National Bank is the 126th FDIC-insured institution bank failure in the nation this year, and the 23rd in Georgia.

Cert # 26290

#127 - The Tattnall Bank, Reidsville, Georgia, was closed Friday, December 04, 2009 by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. HeritageBank of the South, Albany, Georgia will assume all of the deposits of The Tattnall Bank.

The Tattnall Bank had total assets of $49.6 million and total deposits of approximately $47.3 million, and two branches. HeritageBank of the South did not pay the FDIC a premium for the deposits of The Tattnall Bank.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $13.9 million. The Tattnall Bank is the 127th FDIC-insured bank failure in the nation this year, and the 24th in Georgia.

Cert # 12080

#128 - AmTrust Bank, Cleveland, Ohio, was closed Friday, December 04, 2009 by the Office of Thrift Supervision, which appointed the FDIC as receiver. New York Community Bank, Westbury, New York will assume all of the deposits of AmTrust Bank.

AmTrust Bank had total assets of approximately $12.0 billion and total deposits of approximately $8.0 billion. AmTrust had 66 branches in several states. New York Community Bank did not pay a premium to assume all of the deposits of AmTrust Bank. In addition to assuming all of the deposits of the failed bank, New York Community Bank agreed to purchase approximately $9.0 billion in assets of AmTrust Bank. The FDIC and New York Community Bank entered into a loss-share transaction on approximately $6.0 billion of AmTrust Bank's assets.

As part of this transaction, the FDIC will acquire a cash participant instrument. This will serve as additional consideration for the transaction. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $2.0 billion.

AmTrust Bank is the 128th FDIC-insured bank failure in the nation this year, and the second in Ohio.

Cert # 29776

#129 - Benchmark Bank, Aurora, Illinois, was closed Friday, December 04, 2009 by the Illinois Department of Financial and Professional Regulation, which appointed the FDIC as receiver. MB Financial Bank, National Association, Chicago Illinois will assume all of the deposits of Benchmark Bank.

Benchmark Bank had total assets of approximately $170.0 million and total deposits of approximately $181.0 million, and five branches. MB Financial Bank, N.A. did not pay the FDIC a premium for the deposits of Benchmark Bank.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $64 million. Benchmark Bank is the 129th FDIC-insured institution bank failure in the nation this year, and the twentieth in Illinois.

Cert # 10440

#130 - Greater Atlantic Bank, Reston, Virginia, was closed Friday, December 04, 2009 by the Office of Thrift Supervision, which appointed the FDIC as receiver. Sonabank, McLean, Virginia will assume all of the deposits of Greater Atlantic Bank.

Greater Atlantic Bank had total assets of approximately $203.0 million and total deposits of approximately $179.0 million, and five branch locations. Sonabank did not pay the FDIC a premium for the deposits of Greater Atlantic Bank.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $35 million. Greater Atlantic Bank is the 130th FDIC-insured bank failure in the nation this year, and the first in Virginia.

Cert # 32583

Sinclair Noe

bank-o-meter

Eat the bankers

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