Failure of RockBridge Commercial Bank, Atlanta, Georgia


From the FDIC (emphasis added):

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The Federal Deposit Insurance Corporation (FDIC) approved the payout of the insured deposits of RockBridge Commercial Bank, Atlanta, Georgia. The bank was closed today by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver.

The FDIC was unable to find another financial institution to take over the banking operations of RockBridge Commercial Bank. As a result, checks to the retail depositors for their insured funds will be mailed on Monday. Brokered deposits will be wired once brokers provide the FDIC with the necessary documents to determine if any of their clients exceed the insurance limits. Customers who placed money with brokers should contact them directly for more information about the status of their funds.

As of September 30, 2009, RockBridge Commercial Bank had approximately $294.0 million in total assets and $291.7 million in total deposits. At the time of closing, the bank had an estimated $2.1 million in uninsured funds. This amount is an estimate that is likely to change once the FDIC obtains additional information from these customers.

This makes failure #134 this year, 25 in the state of Georgia alone.

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