Friday six-pack

July 24, 2009

Among tonight’s failures are the six bank subsidiaries of Security Bank in—you guessed it—Georgia.  Taken together the six are quite substantial in terms of assets and deposits.  But first…


  • Failed bank:  Waterford Village Bank, Clarence NY
  • Acquiring bank: Evans Bank National Assoc., Angola NY
  • Vitals:  At March 31st, assets of $61.4 million, deposits of $58 million
  • DIF Damage:  $5.6 million


  • Failed bank(s):  6 subsidiaries of Security Bank Corporation, Macon GA
  • Acquiring bank: State Bank and Trust Co., Pinehurst GA
  • Vitals:  At March 31st, assets of $2.8 billion, deposits of $2.4 billion
  • DIF Damage:  $807 million

Counted separately, this brings the total number of Georgia bank failures to 21 since the beginning of 2008.

One comment

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Someone said New Jersey is the most corrupt. FBI i think.
Anyways, the State of Georgia can’t be too far behind. Follow that money around awhile if you have the resources. I would forcast banner headlines and dead investigators (and hope to God totally humanly wrong) which would maybe indicate a bunch of greedy (your descriptive) following the trends of the BIG shots and not doing any better.

Posted by DanO | Report as abusive