Three failures late Friday, including a pair in Georgia, cost the Federal Deposit Insurance Corp. an estimated $445 million.
The FDIC found a single buyer to take both the $742 million-asset Atlantic Southern Bank in Macon, Ga., and the $731 million-asset First Georgia Banking Co. in Franklin, Ga. Later, regulators in Washington state shuttered the $143 million-asset Summit Bank in Burlington. The night’s activity brought the year’s failure toll to 43.
CertusBank NA in Easley, S.C., agreed to acquire the operations of both Atlantic Southern and First Georgia, including all of their deposits and essentially all of their assets. Atlantic Southern had about $707 million in deposits, and First Georgia had about $702 million in deposits.
The buyer and the FDIC agreed to loss-sharing deals for both failed banks. They will share losses on about $585 million of Atlantic Southern’s portfolio, and about $452 million from First Georgia.
Twelve banks have now been closed in Georgia this year, more than any other state. Atlantic Southern’s failure was estimated to cost the Deposit Insurance Fund about $273 million, while that of First Georgia was estimated to cost about $156 million.
Meanwhile, Columbia State Bank in Tacoma, Wash., agreed to assume all of Summit’s $132 million in deposits and pay the FDIC a 0.75% premium. The buyer will also acquire essentially all of the failed bank’s assets. The FDIC and Columbia State will share losses on about $113 million of those assets. The failure, the first in Washington this year, is estimated to cost the FDIC $15.7 million.
