Regulators shut Community Bank of West Georgia; 41st bank failure this year

By AP
Friday, June 26, 2009

Regulators shut Ga. bank; 41st to fail this year

WASHINGTON — Regulators have shut down Community Bank of West Georgia, marking the 41st failure this year of a federally insured bank.

The Federal Deposit Insurance Corp. was appointed receiver of the failed bank, based in Villa Rica, Ga. It had $199.4 million in assets and $182.5 million in deposits as of May 15.

The FDIC says it will mail checks to depositors for the amounts of their insured funds. Direct deposits from the government, such as Social Security and veterans’ benefits, will be transferred to United Community Bank in Blairsville, Ga.

Discussion
June 27, 2009: 1:59 am

FDIC closed 4 banks today (26 June)

69 banks failed since 2008, 25 in 2008 and 44 in 2009 till now.
So far 14 banks failed only in Georgia since 2008 and 9 this year alone.
Behind is the California with 10 bank failures since 2008 , 5 each in 2008 and 2009

Check the list of all the failed banks at :
http://portalseven.com/Failed-Banks-2009

And on google map see where the banks are failing at :
http://portalseven.com/finance/Failed_Banks_Map_2009.jsp

Some statistics about the bank failures :
Community Bank of West Georgia, Villa Rica, GA :
# 41st bank to fail this year in USA
# 8th bank to fail this year and 13th since 2008 from Georgia state.
# As of May 15 has $199.4 million in assets and $182.5 million in deposits

Neighborhood Community Bank, Newnan, GA :
# 42nd bank to fail this year in USA
# 9th bank to fail this year and 14th since 2008 from Georgia state.
# As of March 31 has $212 million in assets and $190 million in deposits
# CharterBank, West Point, Georgia Assumes All of the Deposits of bank

Horizon Bank, Pine City, MN:
# 43rd bank to fail this year in USA
# 1st bank to fail this year and 2nd since 2008 from Minnesota state.
# As of March 31 has $84 million in assets and $69 million in deposits
# All deposit accounts, excluding certain brokered deposits, have been transferred to Stearns Bank N.A., St. Cloud, MN

Metro Pacific Bank, Irvine, CA :
# 44th bank to fail this year in USA
# 5th bank to fail this year and 10th since 2008 from California state.
# As of March 31 has $75 million in assets and $70 million in deposits
# All non-brokered deposit accounts have been transferred to Sunwest Bank, Tustin, CA

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