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Economy
In reply to the discussion: Weekend Economists Go for the Gusto February 24-26, 2012 [View all]Demeter
(85,373 posts)1. THE FDIC ISN'T DRINKING--THEY'VE SHUT DOWN TWO BANKS ALREADY
Central Bank of Georgia, Ellaville, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Ameris Bank, Moultrie, Georgia, to assume all of the deposits of Central Bank of Georgia.
The five branches of Central Bank of Georgia will reopen during their normal business hours beginning Saturday as branches of Ameris Bank...As of December 31, 2011, Central Bank of Georgia had approximately $278.9 million in total assets and $266.6 million in total deposits. In addition to assuming all of the deposits of the failed bank, Ameris Bank agreed to purchase essentially all of the assets.
The FDIC and Ameris Bank entered into a loss-share transaction on $192.8 million of Central Bank of Georgia's assets...The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $67.5 million. Compared to other alternatives, Ameris Bank's acquisition was the least costly resolution for the FDIC's DIF. Central Bank of Georgia is the tenth FDIC-insured institution to fail in the nation this year, and the second in Georgia. The last FDIC-insured institution closed in the state was The First State Bank, Stockbridge, on January 20, 2012.
The Federal Deposit Insurance Corporation (FDIC) approved the payout of the insured deposits of Home Savings of America, Little Falls, Minnesota. The bank was closed today by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver. The FDIC was unable to find another financial institution to take over the banking operations of Home Savings of America. The FDIC will mail directly to depositors of Home Savings of America checks for the amount of their insured money....As of December 31, 2011, Home Savings of America had $434.1 million in total assets and $432.2 million in total deposits. The amount of uninsured deposits will be determined once the FDIC obtains additional information from those customers.
The FDIC as receiver will retain all the assets from Home Savings of America for later disposition. Loan customers should continue to make their payments as usual.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $38.8 million. Home Savings of America is the eleventh FDIC-insured institution to fail in the nation this year, and the second in Minnesota. The last FDIC-insured institution closed in the state was Patriot Bank Minnesota, Forest Lake, on January 27, 2012.
The five branches of Central Bank of Georgia will reopen during their normal business hours beginning Saturday as branches of Ameris Bank...As of December 31, 2011, Central Bank of Georgia had approximately $278.9 million in total assets and $266.6 million in total deposits. In addition to assuming all of the deposits of the failed bank, Ameris Bank agreed to purchase essentially all of the assets.
The FDIC and Ameris Bank entered into a loss-share transaction on $192.8 million of Central Bank of Georgia's assets...The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $67.5 million. Compared to other alternatives, Ameris Bank's acquisition was the least costly resolution for the FDIC's DIF. Central Bank of Georgia is the tenth FDIC-insured institution to fail in the nation this year, and the second in Georgia. The last FDIC-insured institution closed in the state was The First State Bank, Stockbridge, on January 20, 2012.
The Federal Deposit Insurance Corporation (FDIC) approved the payout of the insured deposits of Home Savings of America, Little Falls, Minnesota. The bank was closed today by the Office of the Comptroller of the Currency, which appointed the FDIC as receiver. The FDIC was unable to find another financial institution to take over the banking operations of Home Savings of America. The FDIC will mail directly to depositors of Home Savings of America checks for the amount of their insured money....As of December 31, 2011, Home Savings of America had $434.1 million in total assets and $432.2 million in total deposits. The amount of uninsured deposits will be determined once the FDIC obtains additional information from those customers.
The FDIC as receiver will retain all the assets from Home Savings of America for later disposition. Loan customers should continue to make their payments as usual.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $38.8 million. Home Savings of America is the eleventh FDIC-insured institution to fail in the nation this year, and the second in Minnesota. The last FDIC-insured institution closed in the state was Patriot Bank Minnesota, Forest Lake, on January 27, 2012.
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I'm going to go cook for the Kid, before I get too inebriated (or depressed by the news)
Demeter
Feb 2012
#10
I'll Drink to That! Congratulations on your survival and wishes for a speedy recovery!
Demeter
Feb 2012
#34
Marshall Auerback: German Economic Striving at the Expense of Workers and Neighbors Will Backfire
Demeter
Feb 2012
#53
Politico: Schneiderman Caved to Administration Pressure on Mortgage Settlement...
Demeter
Feb 2012
#42
Schneiderman's sell-out has been among the more depressing developments lately ...
bread_and_roses
Feb 2012
#74
I wish that times was tomorrow. Tens of thousands of people in the streets......
Hotler
Feb 2012
#97