Waterford Village Bank (Clarence, NY) 58th bank failure of 2009 +6 in GA - now 64 bank failures

[UpInArms]

Source: CBS Marketwatch

SAN FRANCISCO (MarketWatch) -- Waterford Village Bank of Clarence, N.Y. became the 58th bank to fail in 2009, and the first in New York this year, according to the Federal Deposit Insurance Corp. Friday. Evans Bancorp Inc. (EVBN 12.80, -0.17, -1.31%) will assume all deposits and purchase all assets. As of March 31, Waterford had assets of $61.4 million and deposits of about $58 million. The failure also marks the 83rd bank to fail during the recession.

Read more: http://www.marketwatch.com/story/waterford-village-bank-58th-bank-failure-of-2009-2009-07-24?siteid=bnbh

---

Failed Bank List

The FDIC is often appointed as receiver for failed banks. This page contains useful information for the customers and vendors of these banks. This includes information on the acquiring bank (if applicable), how your accounts and loans are affected, and how vendors can file claims against the receivership. Failed Financial Institution Contact Search displays point of contact information related to failed banks.

This list includes banks which have failed since October 1, 2000.

on edit:

Six Georgia bank subsidiaries closed

SAN FRANCISCO (MarketWatch) -- Six subsidiaries of Macon, Ga.-based Security Bank Corp. were closed by regulators Friday, bringing the number of U.S. bank failures in 2009 to 64. The Federal Deposit Insurance Corp. said Pinehurst, Ga.-based State Bank and Trust Co. has agreed to assume the six failed banks' deposits. The six banks, with a total of 20 branches, had about $2.4 billion in deposits as of March 31, the FDIC said.

[Critters2]

1. Must be Friday. nt

[UpInArms]

2. the evening is young and we're now up to 64 failures for the year

:(

[ejpoeta]

3. hmm... i didnt' see this on the local news tonight.... my buffalo news that is.

[one_true_leroy]

4. Can someone explain?

It seems to me that georgia has hit particularly by bank closings. Why? Deregulation? Lack of oversight? It seems Ga closes a bank every other week.

[BumRushDaShow]

5. I was curious about that too and found this

http://blogs.ajc.com/jay-bookman-blog/2009/07/14/how-did-georgia-become-the-chernobyl-of-banking/

How did Georgia become the ‘Chernobyl of banking’?

7:09 am July 14, 2009, by Jay

Since August, 72 banks around the country have closed their doors. Fourteen of those bank failures — almost 20 percent of the national total — occurred here in metro Atlanta.

As one expert recently told The Wall Street Journal, Georgia is now “the Chernobyl of banking.”

How did it come to this? The short answer is that in hindsight, Georgia banks concentrated too much of their loan business in commercial real estate — suburban housing projects, intown condos, strip malls and office buildings. Those loans produced so much profit during the boom that new banks were popping up all over North Georgia to take advantage of the easy money.

But once the market for those projects collapsed, developers were unable to repay the loans and bank failures soon followed.

More at link.

[Wednesdays]

6. K&R

:kick: