FIs closed; Community Bank of Rockmart, Rockmart, Georgia, USA
On Thursday, 10 November, 2011, Community Bank of Rockmart, Rockmart, GA was closed by the Georgia Department of Banking and Finance and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with Century Bank of Georgia, Cartersville, Georgia, to assume all of the deposits of Community Bank of Rockmart.
In observance of the Veterans' Day holiday, the sole branch of Community Bank of Rockmart will reopen during normal business hours on Saturday, 12 November, as a branch of Century Bank of Georgia.
As of 30 September, 2011, Community Bank of Rockmart had approximately USD62.4 million in total assets and USD55.9 million in total deposits.
No premium was paid for the deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD14.5 million.
Community Bank of Rockmart is the 88th FDIC-insured institution to fail in the USA this year and the 23rd in Georgia.
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