Closed Friday, March 10, 2000 · Atlanta, Fulton County, Georgia
Mutual Federal Savings Bank
No bank in Georgia had failed for seven years, since First Federal Savings Bank of Georgia closed in 1992. Equity capital was below zero at Mutual Federal Savings Bank's last report. It reported a net loss in six of its final eight reporting years.
On the books, 1992 to 1999
Total assets peaked at $44.5 million in the second quarter of 1998 and were 29% lower at the final report. Equity capital had covered 5.8% of assets in the first quarter of 1992. The deepest annual loss, $3.2 million, was booked in 1999.
Size against the other 2000 failures
Total assets of each 2000 failure, log scale; Mutual Federal Savings Bank in red.
By assets it ranked fifth of the 7 failures in 2000. Within Georgia it ranks 111th by size of the 128 failures recorded since 1934. Across the failures of 2000, the median estimated loss came to 5.3% of assets. In the size ranking of that year, just above it was Bank of Honolulu of Honolulu, Hawaii ($63.9 million, loss 0.6% of assets); just below, Town and Country Bank of Almelund of Almelund, Minnesota ($25.9 million, loss 5.3% of assets). Every 2000 failure in the explorer.
Failures in Georgia
The next was AmTrade International Bank of Atlanta, on September 30, 2002. Fulton County has 18 failed banks on FDIC record since 1934. Closest in time: Southern Federal Savings and Loan Association of Georgia (1992), AmTrade International Bank (2002), Integrity Bank (2008), Alpha Bank & Trust (2008), Omni National Bank (2009).