Another Friday, another 3 bank failures. We're now at 43 failed banks for 2011.
The FDIC announced tonight the bailout of:
Summit Bank; Burlington, WA
First Georgia Banking Company; Franklin, GA
Atlantic Southern Bank; Macon, GA
Summit Bank had $142.7 million of stated assets at time of closing, and $131.6 million in deposits.
The FDIC entered into a loss-share transaction of $113.4 million with Columbia State Bank to entice a buyer for Summit Bank's worthless mortgage paper.
Estimated loss to the FDIC: $15.7 million.
First Georgia Banking Company had $731 million of states assets at time of closing, and total deposits of $702.2 million. Sheila Bair and friends had to again enter a loss-share transaction on $452.1 million of worthless CDO's.
Estimated loss to the FDIC: $156.5 million.
Atlantic Southern Bank had total stated assets of $741.9 million, and total deposits of $707.6 million at time of closing. The FDIC made it 3-3 on loss-share transactions, this time on a whopping $585.1 million of crappy paper.
Estimated hit to the FDIC: $273.5 million.
In total, the FDIC had to enter into loss-shares on $1.15 Billion out of total stated assets of $1.61 Billion.
This means that 71.4 percent of the 3 banks stated assets could not be sold to anyone w/o the FDIC guaranteeing the losses.
In other news...The Doc will soon be opening up his own regional bank so he can head to Vegas with investors deposits, and then get bailed by the taxpayers when he fails to roll 7's.
