Bank Failure
Convenant Bank & Trust
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Closed March 23, 2012 · Rock Spring, GA · FDIC Cert #58068.
- Closing date
- March 23, 2012
- Headquarters
- Rock Spring, GA
- FDIC Certificate
- 58068
- Total assets at closing
- $95.7M
- Total deposits at closing
- $90.6M
- Estimated loss to the insurance fund
- $30.3M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Stearns Bank, N.A.
Context
On March 23, 2012, regulators closed Convenant Bank & Trust, headquartered in Rock Spring, GA. At closing, the institution held approximately $95.7M in assets and $90.6M in deposits. The FDIC record names Stearns Bank, N.A. as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $30.3M.
By assets at closing this is the 1231st largest of the 3,526 bank failures in the FDIC record, and the 37th of 51 in 2012. 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 Convenant Bank & Trust fail?
Convenant Bank & Trust was closed by regulators on March 23, 2012.
Who acquired Convenant Bank & Trust?
The FDIC record names Stearns Bank, N.A. as the acquiring institution in the resolution of Convenant Bank & Trust.
How big was Convenant Bank & Trust when it failed?
Convenant Bank & Trust had approximately $95.7M in total assets and $90.6M in deposits at the time of failure.
Other failures in 2012
| Date | Bank | Assets |
|---|---|---|
| Dec 14, 2012 | Community Bank of the Ozarks | $42.8M |
| Nov 16, 2012 | Hometown Communitybank | $124.6M |
| Nov 2, 2012 | Citizens First National Bank | $924.0M |
| Nov 2, 2012 | Heritage Bank of Florida | $225.5M |
| Oct 26, 2012 | Nova Bank | $444.7M |
| Oct 19, 2012 | Excel Bank | $186.1M |
| Oct 19, 2012 | Gulfsouth Private Bank | $139.4M |
| Oct 19, 2012 | First East Side Savings Bank | $65.7M |
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