The FDIC is starting early today… And costing us $892 Million
by Tom on September 25, 2009
in Market Musings, banks
It’s only 4:30 PM EST and they are already closing a bank down. Should be an interesting weekend.
Tom Vanderwell
Atlanta’s Georgian Bank fails; 95th of the year – MarketWatch
SAN FRANCISCO (MarketWatch) — Atlanta’s Georgian Bank became the 95th bank failure of the year, according to the Federal Deposit Insurance Corp. on Friday. First Citizens Bank and Trust Company Inc. of Columbia, S.C., will assume all of the deposits of Georgian Bank, estimated at about $2 billion as of July 24. Georgian Bank also had total assets of $2 billion, which First Citizens agreed to purchase. The cost of the failure to FDIC’s deposit-insurance fund is $892 million. Georgian Bank also marks the 19th bank failure in the state this year.
