Closed Friday, September 25, 2009 · Atlanta, Cobb County, Georgia
Georgian Bank
Georgian Bank's estimated cost to the Deposit Insurance Fund makes it the 33rd-costliest failure on FDIC record since 1934. Of the 128 failed banks on record in Georgia since 1934, it ranks third by size. In 2009 regulators closed 25 banks in Georgia; this was the 19th.
On the books, 2001 to 2009
Total assets peaked at $2.3 billion in the first quarter of 2009. Equity capital went from 58% of assets in the fourth quarter of 2001 to 6.5% at the last report. By then 17% 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 nine reporting years. The deepest annual loss, $45.0 million, was booked in 2009 in only part of the year.* 2009: January to June only, the last report before closing.
Size against the other 2009 failures
Total assets of each 2009 failure, log scale; Georgian Bank in red.
By assets it ranked 16th of the 140 failures in 2009. 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 Pacific National Bank of San Francisco, California ($2.3 billion, loss 2.5% of assets); just below, Peoples First Community Bank of Panama City, Florida ($1.8 billion, loss 33% of assets). Every 2009 failure in the explorer.
Failures in Georgia
The previous failure there was ebank of Atlanta, on August 21, 2009. The next was American United Bank of Lawrenceville, on October 23, 2009. Cobb County has 8 failed banks on FDIC record since 1934. Closest in time: American Southern Bank (2009), Silverton Bank, NA (2009), ebank (2009), Northwest Bank & Trust (2010), Security Exchange Bank (2012).