Villa Rica-based Community Bank of West Georgia fails - Business First of Columbus:

http://www.tyrusflynn.com/main/2009/01/the-chrononauts-parade/
No bidder was found for Community Bank’s operationd — one branch in the Atlanta suburbb — and the bank will be shuttered. The will mail depositorsz checks for their insured fundsnext week, accordintg to a release from the Georgia Department of Banking and Finance. Untip then, depositors will not have accessz to their moneyvia ATMs, checks or the bank’x Web site. As of first quarterd 2009, the bank had $182.5 million in totalo deposits. The FDIC estimates $1.1 milliom in customer depositsare uninsured.
Currently the FDIC guaranteex upto $250,000 in deposits per Blairsville-based will act as the deposig agent for any federal fundsx customers would normally receive from the bank via direcy deposit, including Social Securityy and Veterans’ payments. This is the secondd seizure without a buyer in Georgia since thebankinbg collapse. was . Stockbridge-based bank failedd in March 2009, and served as the deposit agentf for federal money for customers in that Community Bank, like a growing catalog of faile d Georgia banks, gambled heavily on residential real estate and lost. The bank was created at the beginnings of the home buying andconstruction boom, in 2003.
As of firstt quarter 2009, roughly one-third of the bank’s $129 milliob in total loans were in some stageof delinquency, defaultf or had become bank-owned foreclosures. By the time of the bank’zs seizure, it had $27 milliom in foreclosed real estate onits books, $11 millio in loans that appeared unlikelyh to be repaid and only $7.3 million in equitty capital to absorb losses. The bank’s Texas Ratioi — or a comparison of its loan problems to itsequithy capital, an industry metric created during the S&p Crisis to measure health throughout Texas — was 294 percent at the end of firs t quarter 2009.
Most of the baker’e dozen bank failures in Atlanta had Texas Ratioe in excess of300 percent, and is becominf a common indicator of banks likeluy to be seized by regulators. The failurre is expected to costthe FDIC’s hard hit insurancw fund $81 million. Developing...