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Economy
In reply to the discussion: Weekend Economists Ride With Sally into the Sunset July 27-29, 2012 [View all]Demeter
(85,373 posts)2. ONE BANK DOWN, SO FAR, IN GEORGIA, OF COURSE
Jasper Banking Company, Jasper, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Stearns Bank National Association, St. Cloud, Minnesota, to assume all of the deposits of Jasper Banking Company.
The three branches of Jasper Banking Company will reopen on Saturday as branches of Stearns Bank National Association...As of March 31, 2012, Jasper Banking Company had approximately $216.7 million in total assets and $213.1 million in total deposits. In addition to assuming all of the deposits of the failed bank, Stearns Bank National Association agreed to purchase essentially all of the assets.
The FDIC and Stearns Bank National Association entered into a loss-share transaction on $106.0 million of Jasper Banking Company's assets...The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $58.1 million. Compared to other alternatives, Stearns Bank National Association's acquisition was the least costly resolution for the FDIC's DIF. Jasper Banking Company is the 39th FDIC-insured institution to fail in the nation this year, and the ninth in Georgia. The last FDIC-insured institution closed in the state was First Cherokee State Bank, Woodstock, on July 20, 2012.
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Demeter
Jul 2012
#23
i did -- it was wonderful -- and i love burt lancaster... we love ya hotler -- Peace be with you
xchrom
Jul 2012
#54
But wait, Mayors now can dictate how and what we feed our babies. We are saved! n/t
kickysnana
Jul 2012
#77