Dennis Santiago: FDIC Bank Failures on Feb. 24 Include Rare "No Acquirer" Event

It doesn't happen very often, but this week one of the two banks closed by the FDIC failed to find a buyer. Such failures have been rare events to date as the regulator resolves troubled institutions. The preferred strategy is to sell the failing bank to a stronger acquiring institution, close it at the end of the day on Friday and re-open the bank as part of the new owner on Monday. For unlucky FDIC Certificate Holder 29178 Home Savings of America on 35 East Broadway in Little Falls, Minnesota, that scenario was not to be. The $440M asset bank tumbled on capital adequacy in September 2011. A forensic report by IRA on the bank can be seen here:

http://us1.irabankratings.com/pub/failedbank.asp?cert=29178

The FDIC also closed the Central Bank of Georgia, a member of holding company MIDDLE GEORGIA CORPORATION today. The $276M asset institution on 285 South Broad Street in Ellaville, Georgia will re-open as part of Ameris Bank next week. The forensics report on Central Bank of Georgia is here:

http://us1.irabankratings.com/pub/failedbank.asp?cert=5687

This is an informational story filed on Fridays whenever the FDIC shutters institutions. Forensic reports are made public after confirming FDIC press released by IRA as part of an ongoing effort to help make banking more transparent to consumers and researchers. The press releases from the FDIC on these events are made public here:

http://www.fdic.gov/bank/individual/failed/banklist.html.

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Follow Dennis Santiago on Twitter: www.twitter.com/DennisSantiago

Source: http://www.huffingtonpost.com/dennis-santiago/fdic-bank-failures-on-feb_b_1300590.html

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