Bank Failure
First Coweta
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Closed August 21, 2009 · Newnan, GA · FDIC Cert #57702.
- Closing date
- August 21, 2009
- Headquarters
- Newnan, GA
- FDIC Certificate
- 57702
- Total assets at closing
- $163.8M
- Total deposits at closing
- $154.9M
- Estimated loss to the insurance fund
- $66.7M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- United Bank
Context
On August 21, 2009, regulators closed First Coweta, headquartered in Newnan, GA. At closing, the institution held approximately $163.8M in assets and $154.9M in deposits. The FDIC record names United Bank as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $66.7M.
By assets at closing this is the 884th largest of the 3,526 bank failures in the FDIC record, and the 94th of 140 in 2009. 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 Coweta fail?
First Coweta was closed by regulators on August 21, 2009.
Who acquired First Coweta?
The FDIC record names United Bank as the acquiring institution in the resolution of First Coweta.
How big was First Coweta when it failed?
First Coweta had approximately $163.8M in total assets and $154.9M in deposits at the time of failure.
Other failures in 2009
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 2009 | First Federal Bank of California, a Federal Savings Bank | $6.14B |
| Dec 18, 2009 | Imperial Capital Bank | $4.05B |
| Dec 18, 2009 | Peoples First Community Bank | $1.80B |
| Dec 18, 2009 | New South Federal Savings Bank | $1.46B |
| Dec 18, 2009 | Independent Bankers' Bank | $585.5M |
| Dec 18, 2009 | Rockbridge Commercial Bank | $294.0M |
| Dec 18, 2009 | Citizens State Bank | $168.6M |
| Dec 11, 2009 | Solutionsbank | $511.1M |
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