Georgia Bank Failures - United Security Bank, Sparta, GA Fails

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Real Estate Agent with Maximum One Executive REALTORS® 165062

United Security Bank, Sparta, GA failed this weekend.  United Security Bank had $157 million in assets and $150 million in deposits and two branches, one branch operatedas the including the branch in Woodstock, GA that operated as Bank of Woodstock.  The bank, of Moultrie, Ga., assumed the assets and deposits of the failed bank. United Security Bank failure is expected to cost the FDIC fund an estimated $58 million.  The failure of United Security Bank makes the 21st Georgia bank failure this year>Gerogia has had more bank failures than in any other state.


The FDIC press release:

 "On Friday, November 6, 2009, United Security Bank, Sparta, GA (including the branch that operated as the Bank of Woodstock) was closed by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver "

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Tags:
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Ambassador
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Rich Cederberg
eXp Realty - Albuquerque, NM
eXp Realty Agent Albuquerque

Geez, another one bites the dust. How's the real estate market doing there? Thanks for keeping us posted.

Nov 07, 2009 05:00 PM #1
Rainer
146,222
Debbie Cullen
REMAX Realty Team-Cape Coral, FL - Cape Coral, FL
Your Cape Coral, FL Specialist

Sad Jim!  Sad that another bank has failed and sadder that this doesn't even hit the news anymore. 

Nov 07, 2009 09:25 PM #2
Rainmaker
340,220
Judy Greenberg
Coldwell Banker Long Grove - Buffalo Grove, IL
Coldwell Banker - Buffalo Grove - Long Grove Homes

That's one of the reasons I like active rain.  You really get to know what goes on around the country.

Nov 07, 2009 09:59 PM #3
Rainmaker
1,073,753
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Wow I think you guys have the market cornered for failed banks down south!

Nov 07, 2009 10:47 PM #4
Rainmaker
427,681
June Tassillo
Owner/Broker RE/MAX Elite Realty - Franklin, NC
Let me help you with the next phase of your life!

Holly ....  I didn't know that Ga. had the most failures.  I never would have guessed that.  Thanks for keeping us up to date with whats happening in your area. 

Nov 08, 2009 08:09 AM #5
Rainmaker
175,187
Richard Stabile
Re/Max Real Estate Limited - Oradell, NJ
Bergen County New Homes Builder Realtor

Jim:

Georgia is getting hardest hit of most. The FDIC is surly setting up shop there.

Will there be any regional Georgian banks left?

Richard

Nov 08, 2009 11:53 AM #6
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Jim Crawford
Maximum One Executive REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Rich Cederberg- Northwest Albuquerque Real Estate Expert (RE/MAX Elite)  Actually our business this year is much better than last year...however, the overall market is not doing better.

Nov 08, 2009 02:36 PM #7
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Jim Crawford
Maximum One Executive REALTORS® - Atlanta, GA
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Debbie Cullen-Your Cape Coral, FL Specialist (Century 21 Sunbelt 239.233.2322)  I think as a nation we have become numbed to bad news.

Nov 08, 2009 02:37 PM #8
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Jim Crawford
Maximum One Executive REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR
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Jim Crawford
Maximum One Executive REALTORS® - Atlanta, GA
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Bill Gassett Metrowest Massachusetts Real Estate (RE/MAX Executive Realty)  Rest assured there are many more on on the way....

Nov 08, 2009 02:39 PM #10
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Jim Crawford
Maximum One Executive REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR
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Jim Crawford
Maximum One Executive REALTORS® - Atlanta, GA
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Richard Stabile Bergen County New Homes Builder Realtor (REMAX real estate associates)  As I mentioned, there are many more in the pipeline.  Too much speculation on the lender side... and , no government oversight....makes for a disaster.

Nov 08, 2009 02:41 PM #12
Anonymous
Clark Blackwell

Jim, Please note my recent blog about banking industry questions. Thanks for bringing this up, sir.

Clark Blackwell, Community Banker, Cherokee County, GA

Mar 03, 2010 03:01 AM #13
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Jim Crawford
Maximum One Executive REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Clark Blackwell - Thank you.

Mar 03, 2010 12:07 PM #14
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