4 Banks Closed on July 15

Latest Closures Raise Year's Tally to 70 Failed Institutions
4 Banks Closed on July 15
Four banks were closed by state and federal banking regulators on Friday, July 15. These failures bring the year's tally to 70 failed institutions.

The latest failures:

One Georgia Bank, Atlanta

Ameris Bank, Moultrie, Ga., acquired the banking operations, including all the deposits, of One Georgia Bank, Atlanta, Ga. The bank was closed by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corp. [FDIC] as receiver. To protect depositors, the FDIC entered into purchase and assumption agreements with Ameris Bank.

As of March 31, 2011, One Georgia Bank had total assets of $186.3 million and total deposits of $162.1 million. Besides assuming all the deposits from the bank, Ameris Bank will purchase essentially all of its assets.

The FDIC estimates that the cost to the Deposit Insurance Fund [DIF] for One Georgia Bank will be $44.4 million.

High Trust Bank, Stockbridge, Ga.

High Trust Bank, Stockbridge, Ga., closed, with Ameris Bank, Moultrie, Ga., acquiring the banking operations, including all the deposits. The bank was closed by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver.

As of March 31, 2011, High Trust Bank had total assets of $192.5 million and total deposits of $189.5 million. Besides assuming all the deposits from the bank, Ameris Bank will purchase essentially all of their assets.

The FDIC estimates that the cost to the DIF for High Trust Bank will be $66.0 million.

First Peoples Bank, Port Saint Lucie, Fla.

First Peoples Bank, Port Saint Lucie, Fl., was closed by the Florida Office of Financial Regulation, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Premier American Bank, National Association, Miami, Fla., to assume all of the deposits of First Peoples Bank.

As of March 31, 2011, First Peoples Bank had approximately $228.3 million in total assets and $209.7 million in total deposits. In addition to assuming all of the deposits of the failed bank, Premier American Bank agreed to purchase essentially all of the assets.

The FDIC estimates that the cost to the DIF will be $7.4 million.

Summit Bank, Prescott, Ariz.

Summit Bank, Prescott, Ariz., was closed by the Arizona Department of Financial Institutions, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with The Foothills Bank, Yuma, Arizona, to assume all of the deposits of Summit Bank.

As of March 31, 2011, Summit Bank had approximately $72.0 million in total assets and $66.4 million in total deposits.

The FDIC estimates that the cost to the DIF will be $11.3 million.


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