In truth this is really two failures, but one had six subsidiaries so it counts as seven. Here are the failures:
The first bank is in New York. Waterford Village Bank, Clarence, New York, was closed by the New York State Banking Department, with the Federal Deposit Insurance Corporation (FDIC) as receiver. Evans Bank, N.A., Angola, New York, will assume all of the deposits. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $5.6 million.
The next six are bank subsidiaries of Security Bank Corporation, Macon, Georgia. As of March 31, 2009, the six banks had total assets of $2.8 billion and total deposits of about $2.4 billion. State Bank and Trust Company will acquire $2.4 billion in assets and all of the deposits. The FDIC and State Bank and Trust Company entered into a loss-share transaction on approximately $1.7 billion of the six banks’ assets.
Security Bank of Bibb County
Security Bank of Houston County
Security Bank of Jones County
Security Bank of Gwinnett County
Security Bank of North Metro
Security Bank of North Fulton