Bank Failure
First Georgia Banking Company
BankRegReports is independent of First Georgia Banking Company and never asks for online banking logins or passwords.
Closed May 20, 2011 · Franklin, GA · FDIC Cert #57647.
- Closing date
- May 20, 2011
- Headquarters
- Franklin, GA
- FDIC Certificate
- 57647
- Total assets at closing
- $731.0M
- Total deposits at closing
- $702.2M
- Estimated loss to the insurance fund
- $134.6M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Certus Bank, N.A.
Context
On May 20, 2011, regulators closed First Georgia Banking Company, headquartered in Franklin, GA. At closing, the institution held approximately $731.0M in assets and $702.2M in deposits. The FDIC record names Certus Bank, N.A. as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $134.6M.
By assets at closing this is the 284th largest of the 3,526 bank failures in the FDIC record, and the 14th of 92 in 2011. 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 Georgia Banking Company fail?
First Georgia Banking Company was closed by regulators on May 20, 2011.
Who acquired First Georgia Banking Company?
The FDIC record names Certus Bank, N.A. as the acquiring institution in the resolution of First Georgia Banking Company.
How big was First Georgia Banking Company when it failed?
First Georgia Banking Company had approximately $731.0M in total assets and $702.2M in deposits at the time of failure.
Other failures in 2011
| Date | Bank | Assets |
|---|---|---|
| Dec 16, 2011 | Western National Bank | $162.9M |
| Dec 16, 2011 | Premier Community Bank of the Emerald Coast | $126.0M |
| Nov 18, 2011 | Central Progressive Bank | $383.1M |
| Nov 18, 2011 | Polk County Bank | $91.6M |
| Nov 10, 2011 | Community Bank of Rockmart | $62.4M |
| Nov 4, 2011 | Sunfirst Bank | $198.1M |
| Nov 4, 2011 | Mid City Bank, Inc. | $106.1M |
| Oct 28, 2011 | All American Bank | $34.8M |
Explore: all failures · GA bank events · 2011 events · events hub