Bank Failure
New Horizons Bank
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Closed April 15, 2011 · East Ellijay, GA · FDIC Cert #57705.
- Closing date
- April 15, 2011
- Headquarters
- East Ellijay, GA
- FDIC Certificate
- 57705
- Total assets at closing
- $103.1M
- Total deposits at closing
- $99.0M
- Estimated loss to the insurance fund
- $34.7M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Citizens South Bank
Context
On April 15, 2011, regulators closed New Horizons Bank, headquartered in East Ellijay, GA. At closing, the institution held approximately $103.1M in assets and $99.0M in deposits. The FDIC record names Citizens South Bank as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $34.7M.
By assets at closing this is the 1185th largest of the 3,526 bank failures in the FDIC record, and the 75th 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 New Horizons Bank fail?
New Horizons Bank was closed by regulators on April 15, 2011.
Who acquired New Horizons Bank?
The FDIC record names Citizens South Bank as the acquiring institution in the resolution of New Horizons Bank.
How big was New Horizons Bank when it failed?
New Horizons Bank had approximately $103.1M in total assets and $99.0M 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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