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No. 20 Goes Down

The failure of a Georgia bank brings to 20 the number of federally insured banks to be shut down this year.

The Georgia Department of Banking and Finance today closed The Community Bank, according to an announcement.

As is usually the case, the Federal Deposit Insurance Corporation was named receiver of the Loganville, Ga.-based institution.

Bank of Essex assumed Community’s $611 million in deposits for a premium of $3.2 million. Bank of Essex also purchased $84 million of Community’s $681 million in assets. Community held $495 million in net loans and leases as of June 30.

As of June 30, the bank had 85 employees.

Community’s four branches will open on Monday as Bank of Essex.

Year-to-date losses through June 30 were more than $8 million at the failed institution.

FDIC expects the failure to cost the Deposit Insurance Fund between $200 million and $240 million.

Including Community, 20 FDIC-insured banks have been closed down this year.

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