Bank Failure
Bank of Hiawassee
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Closed March 19, 2010 · Hiawassee, GA · FDIC Cert #10054.
- Closing date
- March 19, 2010
- Headquarters
- Hiawassee, GA
- FDIC Certificate
- 10054
- Total assets at closing
- $377.8M
- Total deposits at closing
- $339.6M
- Estimated loss to the insurance fund
- $107.3M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Citizens South Bank
Context
On March 19, 2010, regulators closed Bank of Hiawassee, headquartered in Hiawassee, GA. At closing, the institution held approximately $377.8M in assets and $339.6M in deposits. The FDIC record names Citizens South Bank as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $107.3M.
By assets at closing this is the 475th largest of the 3,526 bank failures in the FDIC record, and the 59th of 157 in 2010. It falls in the period the record labels Global Financial Crisis (2008-2013), a period with 489 failures peaking at 157 in 2010.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Bank of Hiawassee fail?
Bank of Hiawassee was closed by regulators on March 19, 2010.
Who acquired Bank of Hiawassee?
The FDIC record names Citizens South Bank as the acquiring institution in the resolution of Bank of Hiawassee.
How big was Bank of Hiawassee when it failed?
Bank of Hiawassee had approximately $377.8M in total assets and $339.6M in deposits at the time of failure.
Other failures in 2010
| Date | Bank | Assets |
|---|---|---|
| Dec 17, 2010 | The Bank of Miami | $448.1M |
| Dec 17, 2010 | Chestatee State Bank | $244.4M |
| Dec 17, 2010 | United Americas Bank | $242.3M |
| Dec 17, 2010 | First Southern Bank | $191.8M |
| Dec 17, 2010 | Appalacian Community Bank, F.S.B. | $68.2M |
| Dec 17, 2010 | Community National Bank | $31.6M |
| Dec 10, 2010 | Paramount Bank | $252.7M |
| Dec 10, 2010 | Earthstar Bank | $112.6M |
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