Bank Failure
Chestatee State Bank
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Closed December 17, 2010 · Dawsonville, GA · FDIC Cert #34578.
- Closing date
- December 17, 2010
- Headquarters
- Dawsonville, GA
- FDIC Certificate
- 34578
- Total assets at closing
- $244.4M
- Total deposits at closing
- $240.5M
- Estimated loss to the insurance fund
- $83.1M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Bank of the Ozarks
Context
On December 17, 2010, regulators closed Chestatee State Bank, headquartered in Dawsonville, GA. At closing, the institution held approximately $244.4M in assets and $240.5M in deposits. The FDIC record names Bank of the Ozarks as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $83.1M.
By assets at closing this is the 655th largest of the 3,526 bank failures in the FDIC record, and the 81st 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 Chestatee State Bank fail?
Chestatee State Bank was closed by regulators on December 17, 2010.
Who acquired Chestatee State Bank?
The FDIC record names Bank of the Ozarks as the acquiring institution in the resolution of Chestatee State Bank.
How big was Chestatee State Bank when it failed?
Chestatee State Bank had approximately $244.4M in total assets and $240.5M 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 | 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 |
| Nov 19, 2010 | First Banking Center | $750.7M |
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