FDIC Announces Shutdown Of Three Community Banks

Posted by Orb Staff on June 18, 2012 No Comments
Categories : Residential Mortgage

11803_0aa96pic FDIC Announces Shutdown Of Three Community Banks The Federal Deposit Insurance Corp. (FDIC) has announced the closure of three community banks.

The Farmers Bank of Lynchburg, Tenn., was closed by the Tennessee Department of Financial Institutions. The FDIC entered into a purchase and assumption agreement with Clayton Bank and Trust, based in Knoxville, Tenn., to assume all of the deposits of The Farmers Bank of Lynchburg. As of March 31, The Farmers Bank of Lynchburg had approximately $163.9 million in total assets and $156.4 million in total deposits.

Security Exchange Bank, based in Marietta, Ga., was closed by the Georgia Department of Banking and Finance. The FDIC entered into a purchase and assumption agreement with Atlanta-based Fidelity Bank to assume all of the deposits of Security Exchange Bank. As of March 31, Security Exchange Bank had approximately $151.0 million in total assets and $147.9 million in total deposits.

Putnam State Bank, based in Palatka, Fla., was closed by the Florida Office of Financial Regulation. The FDIC entered into a purchase and assumption agreement with Harbor Indiantown, Fla.-based Community Bank to assume all of the deposits of Putnam State Bank. As of March 31, Putnam State Bank had approximately $169.5 million in total assets and $160 million in total deposits.

The three bank closures brings the year's total of failed banks to 31.

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