Closed Friday, September 2, 2011 · Cumming, Forsyth County, Georgia
Patriot Bank of Georgia
In the three years to the fourth quarter of 2009, Patriot Bank of Georgia's assets grew 179%. It was the largest of two banks handed to Georgia Commerce Bank together on the day it closed. In 2011 regulators closed 23 banks in Georgia; this was the 18th.
On the books, 2006 to 2011
Total assets peaked at $177 million and were 15% lower at the final report. Equity capital went from 35% of assets in the third quarter of 2006 to 1.8% at the last report. By then 25% of its loans were 90 days or more past due or no longer accruing interest. It reported a net loss in five of its final six reporting years. The deepest annual loss, $6.0 million, was booked in 2010.* 2011: January to June only, the last report before closing.
Size against the other 2011 failures
Total assets of each 2011 failure, log scale; Patriot Bank of Georgia in red.
By assets it ranked 62nd of the 92 failures in 2011. Within Georgia it ranks 75th by size of the 128 failures recorded since 1934. Across the failures of 2011, the median estimated loss came to 23% of assets. In the size ranking of that year, just above it was North Georgia Bank of Watkinsville, Georgia ($153 million, loss 31% of assets); just below, Summit Bank of Burlington, Washington ($143 million, loss 17% of assets). Every 2011 failure in the explorer.
Closed together
With Patriot Bank of Georgia, the group reported $253 million in assets, and the FDIC's estimated loss on all two is $88.1 million. They have no separate pages here.
The other banks in the same transaction
Bank
Location
Total assets
Est. loss
Founded
CreekSide Bank
Woodstock, GA
$102 million
$33.8 million
2006
Failures in Georgia
The previous failure there was First Southern National Bank of Statesboro, on August 19, 2011. The next was Piedmont Community Bank of Gray, on October 14, 2011. Forsyth County has 2 failed banks on FDIC record since 1934. The other: NetBank (2007).