FIs closed: Patriot Bank of Georgia, Cumming, and CreekSide Bank, Woodstock, Georgia, USA
On Friday, 2 September, 2011, Patriot Bank of Georgia, Cumming, and CreekSide Bank, Woodstock, both in Georgia, USA were closed by the Georgia Department of Banking and Finance and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors of both banks, the FDIC entered into a purchase and assumption agreement with Georgia Commerce Bank.
Patriot Bank of Georgia had one branch and CreekSide Bank had two branches. Due to the Labour Day holiday, the three branches of the two failed banks will reopen as branches of Georgia Commerce Bank on Tuesday, 6 September.
As of 30 June, 2011, Patriot Bank of Georgia had approximately USD150.8 million in total assets and USD111.2 million in total deposits; and CreekSide Bank had total assets of USD102.3 million and total deposits of USD96.6 million.
No premium was paid for the deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for Patriot Bank of Georgia will be USD44.4 million and for CreekSide Bank, USD27.3 million.
The closings are the 69th and 70th FDIC-insured institutions to fail in the USA so far this year and the eighteenth and nineteenth in Georgia.
Download PDF version of this page