Bank Failure
First Southern National Bank
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Closed August 19, 2011 · Statesboro, GA · FDIC Cert #57239.
- Closing date
- August 19, 2011
- Headquarters
- Statesboro, GA
- FDIC Certificate
- 57239
- Total assets at closing
- $164.6M
- Total deposits at closing
- $159.7M
- Estimated loss to the insurance fund
- $22.2M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Heritage Bank of the South
Context
On August 19, 2011, regulators closed First Southern National Bank, headquartered in Statesboro, GA. At closing, the institution held approximately $164.6M in assets and $159.7M in deposits. The FDIC record names Heritage Bank of the South as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $22.2M.
By assets at closing this is the 879th largest of the 3,526 bank failures in the FDIC record, and the 57th 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 Southern National Bank fail?
First Southern National Bank was closed by regulators on August 19, 2011.
Who acquired First Southern National Bank?
The FDIC record names Heritage Bank of the South as the acquiring institution in the resolution of First Southern National Bank.
How big was First Southern National Bank when it failed?
First Southern National Bank had approximately $164.6M in total assets and $159.7M 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 |
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