Banks Fail in Georgia, Kansas and North Carolina, FDIC

Regional banks in Georgia, Kansas, and North Carolina were closed by state regulators Friday, bringing the total number of failed banks this fiscal year to 40, the FDIC said.

From the FDIC:

Southern Community Bank, Fayetteville, Georgia was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
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As of May 29, 2009, Southern Community Bank had total assets of $377 million and total deposits of approximately $307 million.
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The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $114 million. United Community Bank’s acquisition of all the deposits was the “least costly” resolution for the FDIC’s DIF compared to alternatives. Southern Community Bank is the 38th FDIC-insured institution to fail in the nation this year, and the seventh in Georgia…Southern Community Bank is the 38th FDIC-insured institution to fail in the nation this year, and the seventh in Georgia.

From the FDIC:

Cooperative Bank, Wilmington, North Carolina was closed today by the North Carolina Office of Commissioner of Banks, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
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As of May 31, 2009, Cooperative Bank had total assets of $970 million and total deposits of approximately $774 million.
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The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $217 million. First Bank’s acquisition of all the deposits was the “least costly” resolution for the FDIC’s DIF compared to alternatives…Cooperative Bank is the 39th FDIC-insured institution to fail in the nation this year, and the second in North Carolina.

From the FDIC:

First National Bank of Anthony, Anthony, Kansas was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
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As of March 31, 2009, First National Bank of Anthony had total assets of $156.9 million and total deposits of approximately $142.5 million.
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The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $32.2 million. Bank of Kansas’ acquisition of all the deposits was the “least costly” resolution for the FDIC’s DIF compared to alternatives…First National Bank of Anthony is the 40th FDIC-insured institution to fail in the nation this year, and the second in Kansas.

The FDIC has projected roughly $70 billion in losses due to the failures of insured institutions over the next 5 years.