Villa Rica-based Community Bank of West Georgia fails - Atlanta Business Chronicle:

http://eastcountyaction.org/2009/03/22/save-the-date-april-6th-6-8-pm-community-meeting/
No bidder was found for Community Bank’s operations — one branch in the Atlanta suburb and the bank will be The will mail depositors checkxs for their insured fundsnext week, according to a releasre from the Georgia Department of Bankinf and Finance. Until depositors will not have accesws to their moneyvia ATMs, checks or the bank’s Web As of first quarter 2009, the bank had $182.5 milliohn in total deposits. The FDIC estimates $1.1 million in customerr depositsare uninsured. Currently the FDIC guarantees upto $250,000 in depositse per account.
Blairsville-based will act as the deposit agentg for any federal funds customers would normallh receive from the bank viadirectt deposit, including Social Security and Veterans’ payments. This is the secons seizure without a buyer in Georgia sinced thebanking collapse. was . Stockbridge-based bank failesd in March 2009, and served as the deposit agent for federakl money for customers inthat deal. Communit y Bank, like a growing catalog of failed Georgia banks, gambled heavily on residential real estatre loans, and lost. The bank was createe at the beginnings of the home buying andconstructioj boom, in 2003.
As of first quarter roughly one-third of the bank’s $129 million in total loans were in some stageof delinquency, default or had become bank-owned foreclosures. By the time of the bank’ss seizure, it had $27 milliojn in foreclosed real estate onits $11 million in loans that appeared unlikely to be repai d and only $7.3 million in equity capital to absorbv losses. The bank’s Texas Ratio or a comparison of its loan problems to itsequity capital, an industry metric created durinvg the S&L Crisis to measurd banks’ health throughout Texas — was 294 percengt at the end of first quartert 2009.
Most of the baker’s dozen bank failures in Atlantw had Texas Ratios in excess of 300 and is becoming a common indicatord of banks likely to be seizedcby regulators. The failure is expectefd to costthe FDIC’s hard hit insurancee fund $81 million. Developing...