Bank Failure
Georgian Bank
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Closed September 25, 2009 · Atlanta, GA · FDIC Cert #57151.
- Closing date
- September 25, 2009
- Headquarters
- Atlanta, GA
- FDIC Certificate
- 57151
- Total assets at closing
- $2.23B
- Total deposits at closing
- $1.96B
- Estimated loss to the insurance fund
- $960.8M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First Citizens Bank & Trust Company
Context
On September 25, 2009, regulators closed Georgian Bank, headquartered in Atlanta, GA. At closing, the institution held approximately $2.23B in assets and $1.96B in deposits. The FDIC record names First Citizens Bank & Trust Company as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $960.8M.
By assets at closing this is the 95th largest of the 3,526 bank failures in the FDIC record, and the 16th 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 Georgian Bank fail?
Georgian Bank was closed by regulators on September 25, 2009.
Who acquired Georgian Bank?
The FDIC record names First Citizens Bank & Trust Company as the acquiring institution in the resolution of Georgian Bank.
How big was Georgian Bank when it failed?
Georgian Bank had approximately $2.23B in total assets and $1.96B 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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