State regulators shut down 6 subsidiaries of the Security Bank Corporation based out of Macon, Georgia Friday, bringing the total number of banks to fail in the U.S. to 64 in 2009.
16 banks have failed so far in Georgia ; more than in any other single state.
To protect the depositors, the FDIC said it entered into a purchase agreement with State Bank and Trust Company of Pinehurst, Georgia, to assume all of the deposits of the six bank subsidiaries of Security Bank Corporation. State Bank and Trust Company received a $300 million capital infusion from a group of 26 investors, led by Joseph Evans, notes the FDIC.
The six banks had as of March 31, a total of 20 branches and $2.8 billion in combined assets. Total deposits were approximately $2.4 billion.
Six of the banks involved in today’s transaction, which will reopen Saturday as branches of State Bank and Trust Company, are:
- Security Bank of Bibb County, Macon, GA, with $1.2 billion in total assets and $1 billion in deposits.
- Security Bank of Houston County, Perry, GA, with $383 million in assets and $320 million in deposits.
- Security Bank of Jones County, Gray, GA, with $453 million in assets and $387 million in deposits.
- Security Bank of Gwinnett County, Suwanee, GA, with $322 million in assets and $292 million in deposits.
- Security Bank of North Metro, Woodstock, GA, with $224 million in assets and $212 million in deposits.
- Security Bank of North Fulton, Alpharetta, GA, with $209 million in assets and $191 million in deposits.
The failure is expected to cost the FDIC deposit insurance fund an estimated $807 million.The last FDIC-insured institution to be closed in the state was First Piedmont Bank, Winder, on July 17, 2009.