Closed Friday, June 26, 2009 · Villa Rica, Carroll County, Georgia
Community Bank of West Georgia
No bank took over Community Bank of West Georgia's deposits: the FDIC paid insured depositors directly. In the three years to the fourth quarter of 2007, its assets grew 192%. In 2009 regulators closed 25 banks in Georgia; this was the ninth.
On the books, 2003 to 2009
Total assets peaked at $211 million. Equity capital went from 65% of assets in the first quarter of 2003 to 3.6% at the last report. It reported a net loss in four of its final seven reporting years. The deepest annual loss, $8.2 million, was booked in 2008.* 2009: January to March only, the last report before closing.
Size against the other 2009 failures
Total assets of each 2009 failure, log scale; Community Bank of West Georgia in red.
By assets it ranked 83rd of the 140 failures in 2009. Within Georgia it ranks 55th by size of the 128 failures recorded since 1934. Across the failures of 2009, the median estimated loss came to 27% of assets. In the size ranking of that year, just above it was Greater Atlantic Bank of Reston, Virginia ($203 million, loss 13% of assets); just below, Community First Bank of Prineville, Oregon ($200 million, loss 37% of assets). Every 2009 failure in the explorer.
Regulators closed five banks that day. The largest of the others was Mirae Bank of Los Angeles, California, at $481 million.
Failures in Georgia
The previous failure there was Southern Community Bank of Fayetteville, on June 19, 2009. The next was First Piedmont Bank of Winder, on July 17, 2009. Carroll County has 3 failed banks on FDIC record since 1934. The others: First National Bank of Georgia (2010), McIntosh Commercial Bank (2010).