by Calculated Risk on 1/29/2010 07:03:00 PM

Georgian Bank and Trust
"Community" is spot on.
Loss, absorbed by all.
by Soylent Green is People
From the FDIC: SCBT, N.A., Orangeburg, South Carolina, Assumes All of the Deposits of Community Bank and Trust, Cornelia, Georgia

Community Bank and Trust, Cornelia, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of September 30, 2009, Community Bank and Trust had approximately $1.21 billion in total assets and $1.11 billion in total deposits. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $354.5 million. .... Community Bank and Trust is the 13th FDIC-insured institution to fail in the nation this year, and the second in Georgia. The last FDIC-insured institution closed in the state was First National Bank of Georgia, Carrollton, earlier today.

Four down and about $1 billion in losses today ...