Tuesday, June 23, 2009

Bank failures in Ga., N.C. bring 2009 tally to 39

Bank failures in Ga., N.C. bring 2009 tally to 39

By Wallace Witkowski

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Bank failures in Georgia and North Carolina have brought the number of failures in 2009 to 39, according to the Federal Deposit Insurance Corp. late Friday. Southern Community Bank of Fayetteville, Ga., was the year's seventh bank failure in that state and United Community Bank of Blairsville, Ga., will assume all of the deposits. As of May 29, Southern Community Bank had total assets of $377 million and total deposits of approximately $307 million. United Community Bank will buy about $364 million in assets. Cooperative Bank of Wilmington, N.C., became the year's second bank to fail in that state. North Carolina First Bank of Troy, N.C., will assume all Cooperative deposits, except those from brokers. As of May 31, Cooperative had total assets of $970 million and total deposits of about $774 million. First Bank will also purchase about $942 million of assets.

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