The Feds Closes Six More Banks. Now 130 Banking Insititutions Are Gone.

The FIDC has close  six financial institutions  on Friday bring the number to 130.   The six banks include AmTrustBank, in Cleveland,OH; Benchmark Bank in Aurora,IL; Greater Atlantic Bank, in Reston,VA a Washington,DC suburb.

In addition three banks in Georgia shuttered: Atlanta-based Buckhead Community Bank, First Security National Bank based in Atlanta Suburb of Norcross,GA and Tattnall Bank of Reidsville,GA.

The largest bank that closed  AmTrustBank in Cleveland, OH  “was in an unsafe and unsound condition because of substantial loan losses, deteriorating asset quality, and insufficient capital.”

The banks core capital was down 68% over  a 12 month period. AmTrustBank had $ 12 billion Assets and $8 billion in deposits.   The bank failure was a results bad real estate loans in California, Arizona, and Florida. Started as Ohio Savings and Loan in 1889;AmTrust 120 year history comes to an  end. New York Community Bank will take over AmTrustBank 66 branches which becomes New York Community Bank.

Buckhead Community Bank, shut down by regulators on Friday. Buckhead had $838 million in deposits and $874 in assets.  State Bank and Trust of Macon, Ga will take over Buckhead Community 6 branches operating under the following na_es: The Sandy Springs Community Bank, The Midtown Community Bank, The Alpharetta Community Bank, the Cobb Community Bank, The Forsyth Community Bank and The Hall Community Bank.

State Bank and Trust will also take over First Security National Bank’s $123 million in deposits, and a$110 million of $123 in assets and it’s four Metro Atlanta branches.

Greater Atlantic Bank based in the Washington,DC suburb of Reston,VA will become branches   of Sonabank  in McLean, Va. Greater Atlantic had $179 million in deposits and $203 million assets . All four branches of Greater Atlantic will become SonaBank .

The Tattnal Bank of Reisville,GA taken over Heritage Bank of the South based in Albany,Ga.  The Tattnal Bank has $47.3 million deposits and $49.6 million in assets. The Tattnall two branches will become Heritage Bank of the South .

Aurora,Il based Benchmark Bank will became a part of Chicago, Il MB Financial. Benchmark had $181 million in deposits and $170 million in assets. All five branches of Benchmark Bank becomes MB Financial.

CNN Money


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