Bank Failure
Freedom Bank of Georgia
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Closed March 6, 2009 · Commerce, GA · FDIC Cert #57558.
- Closing date
- March 6, 2009
- Headquarters
- Commerce, GA
- FDIC Certificate
- 57558
- Total assets at closing
- $172.5M
- Total deposits at closing
- $159.0M
- Estimated loss to the insurance fund
- $43.3M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Northeast Georgia Bank
Context
On March 6, 2009, regulators closed Freedom Bank of Georgia, headquartered in Commerce, GA. At closing, the institution held approximately $172.5M in assets and $159.0M in deposits. The FDIC record names Northeast Georgia Bank as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $43.3M.
By assets at closing this is the 855th largest of the 3,526 bank failures in the FDIC record, and the 90th 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 Freedom Bank of Georgia fail?
Freedom Bank of Georgia was closed by regulators on March 6, 2009.
Who acquired Freedom Bank of Georgia?
The FDIC record names Northeast Georgia Bank as the acquiring institution in the resolution of Freedom Bank of Georgia.
How big was Freedom Bank of Georgia when it failed?
Freedom Bank of Georgia had approximately $172.5M in total assets and $159.0M 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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