Georgian Bank, a bank based in the city of Atlanta, has been shut down by federal regulators. The closure marks the failed bank number 95 in 2009.
The FDIC took over the bank and is expected to lose about $900 million in doing so. Georgian Bank had about $2 billion in assets as of the final week of July.
The five branches of Georgian Bank will be taken over by First Citizens Bank and Trust Co. — a bank based in the state of South Carolina. All five branches will open on Monday under the new name.
Not only will the number of …read more

Three more banks failed on Friday, which means that there have now been 84 bank failures in 2009. Federal regulators shut down banks in the states of Minnesota, Maryland and California.
Mainstreet Bank was the bank in Minnesota that was shut down. Bradford Bank failed in Maryland, while Affinity Bank was the Californian bank that went belly up. Of the three banks, Affinity Bank was easily the largest.
Affinity Bank was assumed by Pacific Western Bank. While two of the Affinity Bank branches will reopen on Saturday under the new bank’s name, the vast majority of the changed branches will open their …read more

IBERIABANK, a bank with more than 120 years of history, has announced that they will be purchasing CapitalSouth Bank — a failed bank that was based in the state of Alabama. CapitalSouth Bank was shut down by federal regulators on Friday.
On Monday, CapitalSouth Bank’s ten branches will be re-opened as branches of IBERIABANK. One this transaction is complete, IBERIABANK will have branches in ten states and a total of more than 160 branches.
“We are delighted to welcome the clients of CapitalSouth Bank to IBERIABANK,” said IBERIABANK Corporation’s President and CEO Daryl G. Byrd. “Just as we exhibited in our successful …read more