Bank Failure
Southern Community Bank
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Closed June 19, 2009 · Fayetteville, GA · FDIC Cert #35251.
- Closing date
- June 19, 2009
- Headquarters
- Fayetteville, GA
- FDIC Certificate
- 35251
- Total assets at closing
- $371.7M
- Total deposits at closing
- $298.0M
- Estimated loss to the insurance fund
- $136.6M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- United Community Bank
Context
On June 19, 2009, regulators closed Southern Community Bank, headquartered in Fayetteville, GA. At closing, the institution held approximately $371.7M in assets and $298.0M in deposits. The FDIC record names United Community Bank as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $136.6M.
By assets at closing this is the 478th largest of the 3,526 bank failures in the FDIC record, and the 58th 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 Southern Community Bank fail?
Southern Community Bank was closed by regulators on June 19, 2009.
Who acquired Southern Community Bank?
The FDIC record names United Community Bank as the acquiring institution in the resolution of Southern Community Bank.
How big was Southern Community Bank when it failed?
Southern Community Bank had approximately $371.7M in total assets and $298.0M 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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