Failed Bank List

Closed Friday, September 17, 2010 · Winder, Barrow County, Georgia

The Peoples Bank

The Peoples Bank was the largest of three banks handed to Community & Southern Bank together on the day it closed. In 2010 regulators closed 21 banks in Georgia; this was the 12th.

On the books, 2002 to 2010

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$150M$300M$450M$600M2003200420052006200720082009Closed
Total assets peaked at $521 million in the fourth quarter of 2008 and were 14% lower at the final report. Equity capital went from 12% of assets in the third quarter of 2002 to 1.5% at the last report. It reported a net loss in three of its final nine reporting years. The deepest annual loss, $24.2 million, was booked in 2009.
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$32M−$32M2002: $2.6 million200212%2003: $2.5 million200311%2004: $2.2 million20049.5%2005: $3.9 million20057.1%2006: $5.6 million20067.8%2007: $5.0 million200711%2008: −$6.1 million20087.6%2009: −$24.2 million20093.2%2010: −$11.4 million2010*1.5%
* 2010: January to June only, the last report before closing.

Size against the other 2010 failures

Total assets of the 157 banks that failed in 2010, log scale$1M$10M$100M$1B$10B$100B
Total assets of each 2010 failure, log scale; The Peoples Bank in red.

By assets it ranked 51st of the 157 failures in 2010. Within Georgia it ranks 21st by size of the 128 failures recorded since 1934. Across the failures of 2010, the median estimated loss came to 21% of assets. In the size ranking of that year, just above it was New Century Bank of Chicago, Illinois ($447 million, loss 30% of assets); just below, Wheatland Bank of Naperville, Illinois ($442 million, loss 43% of assets). Every 2010 failure in the explorer.

Closed together

With The Peoples Bank, the group reported $864 million in assets, and the FDIC's estimated loss on all three is $283 million. They have no separate pages here.

The other banks in the same transaction
BankLocationTotal assetsEst. lossFounded
First Commerce Community BankDouglasville, GA$248 million$101 million2003
Bank of EllijayEllijay, GA$169 million$79.7 million2006

Regulators closed six banks that day. The largest of the others outside this group was Maritime Savings Bank of West Allis, Wisconsin, at $350 million.

Failures in Georgia

The previous failure there was Northwest Bank & Trust of Acworth, on July 30, 2010. The next was The First National Bank of Barnesville of Barnesville, on October 22, 2010. Barrow County has 3 failed banks on FDIC record since 1934. The others: First Federal Savings Bank of Georgia (1992), First Piedmont Bank (2009).

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, 2010 in red. Every Georgia failure

The acquiring bank

Community & Southern Bank of Carrollton, Georgia took over eight failed banks between 2000 and 2026. Apart from the banks closed together with this one, the others:

All 8 banks it took over.

  • First National Bank of GeorgiaCarrollton, GA · January 29, 2010
  • Appalachian Community BankEllijay, GA · March 19, 2010
  • First Cherokee State BankWoodstock, GA · July 20, 2012
  • Georgia Trust BankBuford, GA · July 20, 2012
  • Eastside Commercial BankConyers, GA · July 18, 2014

FDIC certificate 182 · loss estimate as of July 31, 2026 · How to read this page