Failed Bank List

Closed Friday, July 24, 2009 · Macon, Bibb County, Georgia

Security Bank of Bibb County

In the three years to the second quarter of 2008, Security Bank of Bibb County's assets grew 106%. It was the largest of six banks handed to State Bank and Trust Company together on the day it closed. In 2009 regulators closed 25 banks in Georgia; this was the 11th.

On the books, 2001 to 2009

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$400M$800M$1.2B$1.6B2002200320042005200620072008Closed
Total assets peaked at $1.4 billion and were 30% lower at the final report. Equity capital went from 8.0% of assets in the third quarter of 2001 to 2.5% at the last report. By then 20% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $104 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$120M−$120M2001: $3.2 million20018.0%2002: $4.9 million20028.7%2003: $6.0 million20039.3%2004: $7.2 million200411%2005: $10.2 million200511%2006: $14.6 million200612%2007: $2.3 million200711%2008: −$104 million20085.0%2009: −$37.6 million2009*2.5%
* 2009: January to June only, the last report before closing.

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; Security Bank of Bibb County in red.

By assets it ranked 31st of the 140 failures in 2009. Within Georgia it ranks tenth 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 99th of 2,944 failures since 1934. In the size ranking of that year, just above it was Cooperative Bank of Wilmington, North Carolina ($967 million, loss 30% of assets); just below, Founders Bank of Worth, Illinois ($889 million, loss 15% of assets). Every 2009 failure in the explorer.

Closed together

With Security Bank of Bibb County, the group reported $2.4 billion in assets, and the FDIC's estimated loss on all six is $908 million. They have no separate pages here.

The other banks in the same transaction
BankLocationTotal assetsEst. lossFounded
Security Bank of Jones CountyGray, GA$433 million$98.2 million1909
Security Bank of Houston CountyPerry, GA$372 million$51.0 million1987
Security Bank of Gwinnett CountySuwanee, GA$259 million$193 million2003
Security Bank of North FultonAlpharetta, GA$191 million$49.0 million2003
Security Bank of North MetroWoodstock, GA$184 million$102 million2002

Regulators closed seven banks that day. The only other bank closed that day outside this group was Waterford Village Bank of Williamsville, New York.

Failures in Georgia

The previous failure there was First Piedmont Bank of Winder, on July 17, 2009. The next was First Coweta Bank of Newnan, on August 21, 2009. Bibb County has 2 failed banks on FDIC record since 1934. The other: Atlantic Southern Bank (2011).

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

State Bank and Trust Company of Pinehurst, Georgia took over twelve failed banks between 2000 and 2026. Apart from the banks closed together with this one, the others:

All 12 banks it took over.

  • The Buckhead Community BankAtlanta, GA · December 4, 2009
  • First Security National BankNorcross, GA · December 4, 2009
  • Northwest Bank & TrustAcworth, GA · July 30, 2010
  • United Americas Bank, N.A.Atlanta, GA · December 17, 2010
  • Piedmont Community BankGray, GA · October 14, 2011
  • Community Capital BankJonesboro, GA · October 21, 2011

FDIC certificate 27367 · loss estimate as of July 31, 2026 · How to read this page