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The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.

Georgia Bank Seized

Freedom Bank of Georgia closed

March 6, 2009

By staff

A bank closed by Georgia banking regulators today was the 17th federally insured financial institution to fail this year.

Freedom Bank of Georgia was closed today by the Georgia Department of Banking and Finance, according to an announcement from the Federal Deposit Insurance Corporation -- which was appointed receiver.

All of the Commerce, Ga., institution's $161 million in deposits as of March 4 were assumed by Northeast Georgia Bank.

In addition, Northeast Georgia Bank, which is based in Lavonia, acquired $167 million of Freedom's $173 million in assets at a discount of $14 million. Freedom's assets as of Dec. 31, 2008, included $15 million in residential loans, $42 million in construction and land development loans and $29 million in commercial mortgages.

The FDIC has agreed to share in losses on around $97 million in assets covered under the agreement. In all, the FDIC expects the hit to its Deposit Insurance Fund will be $36 million.

Freedom, which had just 39 employees, was the 17th FDIC-insured institution to fail this year and the 36th mortgage-related failure so far in 2009.

In other news about company closings, AmericanHomeKey announced that it eliminated wholesale lending out of its Kirkland, Wash., facility. Only retail business will be handled from there.

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Wholesale Lending News | Directory | P r i cing Engine | Originator Newsletter
News about wholesale lenders, correspondent lenders and wholesale mortgage lending programs. Alt-A, subprime and other niche loan programs. Lawsuits between wholesalers and brokers.

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