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State: GA

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Georgia Leads List of Failed Banks in 2011

Seven banks are closed in Georgia this year


More than 20 banks have been closed by the FDIC in 2011, based on a list obtained from Fox Business News. The list includes the name of the bank as well as the amount of FDIC insurance guaranteed for the transaction.

In most cases these banks are acquired by a bank already established within the region. Based upon past Spectrem experience, when a bank is acquired, all of the accounts already insured by the FDIC (up to $250,000 per account) are automatically moved to the new organization. Accounts that are not insured are subject to a review by the FDIC.

Investors, particularly families, are able to have more than one account at an organization if properly titled when establishing the account. For example, John and Mary Jones can receive up to $750,000 if they have accounts titles as follows: John Jones for account no. 1, Mary Jones for account no. 2 and John and Mary Jones for account no. 3.

It is important for investors to discuss the titles of their accounts with their bankers to ensure they are providing themselves with the greatest amount of FDIC insurance coverage.

Below is a list of the names of the banks closed since the beginning of 2011

Valley Community Bank                                                        St. Charles, IL
San Luis Trust Bank  FSB                                                      San Luis Obispo, CA
Charter Oaks Bank                                                                 Napa, CA
Citizens Bank of Effingham                                                    Springfield, GA
Habersham Bank                                                                     Clarksville, GA
Canyon National Bank                                                             Palm Springs, CA
Badger State Bank                                                                   Cassville, WI
Peoples State Bank                                                                  Hamtramck, MI
Sunshine State Community Bank                                          Port Orange, FL
Community First Bank                                                            Chicago, IL
North Georgia Bank                                                                 Watkinsville, GA
American Trust Bank                                                              Watkinsville, GA
American Trust Bank                                                               Roswell, GA
First Community Bank                                                             Taos, NM
FirsTier Bank                                                                             Louisville, CO
Evergreen State Bank                                                               Stoughton, WI
The First State Bank                                                                Camargo, OK
United Western Bank                                                               Denver, CO
Bank of Asheville                                                                       Asheville, NC
Community South Bank & Trust                                            Easley, SC
Enterprise Banking Company                                                 McDonough, GA
Oglethorpe Bank                                                                       Brunswick, GA
Legacy Bank                                                                              Scottsdale, AZ
First Community Bank of Florida                                          Orlando, FL