Failed Bank List

Closed Friday, March 20, 2009 · Stockbridge, Henry County, Georgia

FirstCity Bank

No bank took over FirstCity Bank's deposits: the FDIC paid insured depositors directly. The estimated loss came to 47% of its assets, one of the 30 highest ratios among the 583 failures since 2000. Its founding in 1905 put it past its 100th year when it closed.

On the books, 2001 to 2008

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$100M$200M$300M$400M2002200320042005200620072008Closed
Total assets peaked at $332 million in the third quarter of 2008 and were 14% lower at the final report. In the three years to the third quarter of 2008, its assets grew 122%. Equity capital went from 8.5% of assets in the first quarter of 2001 to 5.2% at the last report. By then 13% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $8.3 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$10M−$10M2001: $242 thousand20017.6%2002: $66 thousand20028.6%2003: $1.2 million20038.2%2004: $1.9 million20047.6%2005: $1.8 million20058.3%2006: $4.6 million20068.2%2007: $3.1 million20077.7%2008: −$8.3 million20085.2%

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; FirstCity Bank in red.

By assets it ranked 67th of the 140 failures in 2009. Within Georgia it ranks 39th 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 268th of 2,944 failures since 1934. In the size ranking of that year, just above it was RockBridge Commercial Bank of Atlanta, Georgia ($294 million, loss 34% of assets); just below, America West Bank of Layton, Utah ($282 million, loss 41% of assets). Every 2009 failure in the explorer.

Two other banks closed that day; the largest was TeamBank, N.A. of Paola, Kansas, at $670 million.

Failures in Georgia

In 2009 regulators closed 25 banks in Georgia; this was the third. The previous failure there was Freedom Bank of Georgia of Commerce, on March 6, 2009. The next was Omni National Bank of Atlanta, on March 27, 2009. Henry County has 4 failed banks on FDIC record since 1934. The others: FirstBank Financial Services (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

FDIC certificate 18243 · loss estimate as of July 31, 2026 · How to read this page