Bank Failure
Patriot Bank of Georgia
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Closed September 2, 2011 · Cumming, GA · FDIC Cert #58273.
- Closing date
- September 2, 2011
- Headquarters
- Cumming, GA
- FDIC Certificate
- 58273
- Total assets at closing
- $150.8M
- Total deposits at closing
- $140.6M
- Estimated loss to the insurance fund
- $54.2M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Georgia Commerce Bank
Context
On September 2, 2011, regulators closed Patriot Bank of Georgia, headquartered in Cumming, GA. At closing, the institution held approximately $150.8M in assets and $140.6M in deposits. The FDIC record names Georgia Commerce Bank as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $54.2M.
By assets at closing this is the 936th largest of the 3,526 bank failures in the FDIC record, and the 62nd 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 Patriot Bank of Georgia fail?
Patriot Bank of Georgia was closed by regulators on September 2, 2011.
Who acquired Patriot Bank of Georgia?
The FDIC record names Georgia Commerce Bank as the acquiring institution in the resolution of Patriot Bank of Georgia.
How big was Patriot Bank of Georgia when it failed?
Patriot Bank of Georgia had approximately $150.8M in total assets and $140.6M 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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