Failed Bank List

Closed Friday, February 6, 2009 · McDonough, Henry County, Georgia

FirstBank Financial Services

The estimated loss came to 48% of FirstBank Financial Services's assets, one of the 30 highest ratios among the 583 failures since 2000. In the three years to the first quarter of 2008, its assets grew 124%. In 2009 regulators closed 25 banks in Georgia; this was the first.

On the books, 2002 to 2008

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$150M$300M$450M$600M200320042005200620072008Closed
Total assets peaked at $432 million and were 27% lower at the final report. Equity capital went from 47% of assets in the first quarter of 2002 to 2.6% at the last report. By then 34% 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 seven reporting years. The deepest annual loss, $25.2 million, was booked in 2008.
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$32M−$32M2002: −$1.4 million200216%2003: $347 thousand200310%2004: $1.8 million200413%2005: $2.6 million200511%2006: $2.7 million200610%2007: −$891 thousand20078.9%2008: −$25.2 million20082.6%

Size against the other 2009 failures

Total assets of the 140 banks that failed in 2009, log scale$10M$100M$1B$10B$100B
Total assets of each 2009 failure, log scale; FirstBank Financial Services in red.

By assets it ranked 64th of the 140 failures in 2009. Within Georgia it ranks 31st by size of the 128 failures recorded since 1934. Across the failures of 2009, the median estimated loss came to 27% of assets. Ranked by estimated loss, it is 242nd of 2,944 failures since 1934. In the size ranking of that year, just above it was North Houston Bank of Houston, Texas ($325 million, loss 3.7% of assets); just below, MagnetBank of Salt Lake City, Utah ($301 million, loss 57% of assets). Every 2009 failure in the explorer.

Two other banks closed that day; the largest was County Bank of Merced, California, at $1.7 billion.

Failures in Georgia

The previous failure there was Haven Trust Bank of Duluth, on December 12, 2008. The next was Freedom Bank of Georgia of Commerce, on March 6, 2009. Henry County has 4 failed banks on FDIC record since 1934. The others: FirstCity Bank (2009), Enterprise Banking Company (2011), The First State Bank (2012).

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, 2009 in red. Every Georgia failure

The acquiring bank

Regions Bank of Birmingham, Alabama took over two failed banks between 2000 and 2026. The other:

  • Integrity BankAlpharetta, GA · August 29, 2008

FDIC certificate 57017 · loss estimate as of July 31, 2026 · How to read this page