United Security Bank, Sparta, GA failed this weekend. United Security Bank had $157 million in assets and $150 million in deposits and two branches, one branch operatedas the including the branch in Woodstock, GA that operated as Bank of Woodstock. The bank, of Moultrie, Ga., assumed the assets and deposits of the failed bank. United Security Bank failure is expected to cost the FDIC fund an estimated $58 million. The failure of United Security Bank makes the 21st Georgia bank failure this year>Gerogia has had more bank failures than in any other state.
The FDIC press release:
"On Friday, November 6, 2009, United Security Bank, Sparta, GA (including the branch that operated as the Bank of Woodstock) was closed by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver "
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Geez, another one bites the dust. How's the real estate market doing there? Thanks for keeping us posted.
Sad Jim! Sad that another bank has failed and sadder that this doesn't even hit the news anymore.
That's one of the reasons I like active rain. You really get to know what goes on around the country.
Wow I think you guys have the market cornered for failed banks down south!
Holly .... I didn't know that Ga. had the most failures. I never would have guessed that. Thanks for keeping us up to date with whats happening in your area.
Jim:
Georgia is getting hardest hit of most. The FDIC is surly setting up shop there.
Will there be any regional Georgian banks left?
Richard
Rich Cederberg- Northwest Albuquerque Real Estate Expert (RE/MAX Elite) Actually our business this year is much better than last year...however, the overall market is not doing better.
Debbie Cullen-Your Cape Coral, FL Specialist (Century 21 Sunbelt 239.233.2322) I think as a nation we have become numbed to bad news.
Judy Greenberg- Coldwell Banker- Long Grove - Buffalo Grove (Committed and Dedicated Realtor in the Chicago Suburbs) We have our own AR Grapvine here....it works.
Bill Gassett Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) Rest assured there are many more on on the way....
June Tassillo Your Go to Girl & Realtor for Life! (Classic GMAC Real Estate - Franklin, NC 28734) Yes we are number one for US bank failures.
Richard Stabile Bergen County New Homes Builder Realtor (REMAX real estate associates) As I mentioned, there are many more in the pipeline. Too much speculation on the lender side... and , no government oversight....makes for a disaster.
Jim, Please note my recent blog about banking industry questions. Thanks for bringing this up, sir.
Clark Blackwell, Community Banker, Cherokee County, GA
Clark Blackwell - Thank you.