Bank Failure
First Cherokee State Bank
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Closed July 20, 2012 · Woodstock, GA · FDIC Cert #32711.
- Closing date
- July 20, 2012
- Headquarters
- Woodstock, GA
- FDIC Certificate
- 32711
- Total assets at closing
- $209.0M
- Total deposits at closing
- $182.1M
- Estimated loss to the insurance fund
- $36.2M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Community & Southern Bank
Context
On July 20, 2012, regulators closed First Cherokee State Bank, headquartered in Woodstock, GA. At closing, the institution held approximately $209.0M in assets and $182.1M in deposits. The FDIC record names Community & Southern Bank as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $36.2M.
By assets at closing this is the 755th largest of the 3,526 bank failures in the FDIC record, and the 18th 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 First Cherokee State Bank fail?
First Cherokee State Bank was closed by regulators on July 20, 2012.
Who acquired First Cherokee State Bank?
The FDIC record names Community & Southern Bank as the acquiring institution in the resolution of First Cherokee State Bank.
How big was First Cherokee State Bank when it failed?
First Cherokee State Bank had approximately $209.0M in total assets and $182.1M 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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