Failed Bank List

Closed Friday, October 24, 2008 · Alpharetta, Fulton County, Georgia

Alpha Bank & Trust

The estimated loss came to 60% of Alpha Bank & Trust's assets, one of the 30 highest ratios among the 583 failures since 2000. It failed two years after it opened in 2006. It lost money in every one of the three reporting years on file before it closed.

On the books, 2006 to 2008

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$100M$200M$300M$400M20072008Closed
Total assets peaked at $385 million in the first quarter of 2008 and were 8% lower at the final report. Equity capital went from 77% of assets in the second quarter of 2006 to 1.5% at the last report. By then 28% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $21.9 million, was booked in 2008 in only part of the year.
Net income in each reporting year before closing, with equity capital as a share of assets at year endNet income per yearEquity to assets at year end−$24M2006: −$1.5 million200620%2007: −$7.9 million20077.3%2008: −$21.9 million2008*1.5%
* 2008: January to September only, the last report before closing.

Size against the other 2008 failures

Total assets of the 25 banks that failed in 2008, log scale$10M$100M$1B$10B$100B$1,000B
Total assets of each 2008 failure, log scale; Alpha Bank & Trust in red.

By assets it ranked 14th of the 25 failures in 2008. Within Georgia it ranks 28th by size of the 128 failures recorded since 1934. Across the failures of 2008, the median estimated loss came to 37% of assets. Ranked by estimated loss, it is 184th of 2,944 failures since 1934. In the size ranking of that year, just above it was Security Pacific Bank of Los Angeles, California ($528 million, loss 28% of assets); just below, Freedom Bank of Bradenton, Florida ($271 million, loss 42% of assets). Every 2008 failure in the explorer.

Failures in Georgia

It was one of five banks in Georgia to fail in 2008. The previous failure there was Integrity Bank of Alpharetta, on August 29, 2008. The next was The Community Bank of Loganville, on November 21, 2008. Fulton County has 18 failed banks on FDIC record since 1934. Closest in time: Integrity Bank (2008), Omni National Bank (2009), Security Bank of North Fulton (2009), The Buckhead Community Bank (2009), RockBridge Commercial Bank (2009).

Bank failures in Georgia per year, 1980 to 2026081624321981: 11989: 61990: 21991: 71992: 42000: 12002: 12007: 12008: 52009: 252010: 212011: 232012: 102013: 32014: 12015: 22016: 12026: 119801990200020102020
Per year since 1980, 2008 in red. Every Georgia failure

The acquiring bank

Stearns Bank, N.A. of St. Cloud, Minnesota took over nine failed banks between 2000 and 2026. The others:

All 9 banks it took over.

  • Horizon BankPine City, MN · June 26, 2009
  • First State BankSarasota, FL · August 7, 2009
  • Community National Bank of Sarasota CountyVenice, FL · August 7, 2009
  • ebankAtlanta, GA · August 21, 2009
  • Copper Star BankScottsdale, AZ · November 12, 2010
  • Covenant Bank & TrustRock Spring, GA · March 23, 2012
  • Jasper Banking CompanyJasper, GA · July 27, 2012
  • First East Side Savings BankTamarac, FL · October 19, 2012

FDIC certificate 58241 · loss estimate as of July 31, 2026 · How to read this page