Closed Friday, December 17, 2010 · McCaysville, Fannin County, Georgia
Appalachian Community Bank, FSB
Appalachian Community Bank, FSB failed three years after it opened in 2007. Equity capital was below zero at its last report. In 2010 regulators closed 21 banks in Georgia; this was the 21st.
On the books, 2007 to 2010
Total assets peaked at $93.8 million in the third quarter of 2008 and were 27% lower at the final report. Equity capital had covered 25% of assets in the second quarter of 2007. By then 39% of its loans were 90 days or more past due or no longer accruing interest. It reported a net loss in three of its final four reporting years. The deepest annual loss, $14.2 million, was booked in 2010 in only part of the year.* 2010: January to September only, the last report before closing.
Size against the other 2010 failures
Total assets of each 2010 failure, log scale; Appalachian Community Bank in red.
By assets it ranked 135th of the 157 failures in 2010. Within Georgia it ranks 100th by size of the 128 failures recorded since 1934. Across the failures of 2010, the median estimated loss came to 21% of assets. In the size ranking of that year, just above it was American National Bank of Parma, Ohio ($70.3 million, loss 21% of assets); just below, Community National Bank at Bartow of Bartow, Florida ($67.9 million, loss 14% of assets). Every 2010 failure in the explorer.
Regulators closed six banks that day. The largest of the others was The Bank of Miami, N.A. of Coral Gables, Florida, at $448 million.
Failures in Georgia
The previous failure there was Tifton Banking Company of Tifton, on November 12, 2010. The next was Oglethorpe Bank of Brunswick, on January 14, 2011. No other failed bank in the FDIC's records was based in Fannin County.