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July 25 - Bank Failure Hits Georgia Again with closing of Sunrise Bank, Valdosta

by Clark Byron, BrunswickBusinessJournal.com Staff

July 25, 2013 - Sunrise Bank in Valdosta, 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 Synovus Bank, Columbus, Georgia, to assume all of the deposits of Sunrise Bank.

As of March 31, 2013, Sunrise Bank had approximately $60.8 million in total assets and $57.8

million in total deposits. In addition to assuming all of the deposits of the failed bank. Synovus

Bank agreed to purchase approximately $13.2 million of the failed bank’s assets. The FDIC will

retain the remaining assets for later disposition.

The FDIC estimates that cost to the Deposit Insurance Fund will be $17.3 million. Compared

to other alternatives, Synovus Bank was the least costly resolution for the FDIC’s DIF. Sunrise

Bank is the 12th FDIC-insured institution to fail in the nation this year, and the third in Georgia.

The last FDIC-insured institution closed in the state was Douglas County Bank, Douglasville, on

April 26, 2013.

The pace of bank failures has declined over the last year, but there are still a number of Georgia community banks under some sort of scrutiny.

Georgia still leads the nation in bank failures following the collapse of the U.S. mortgage industry.

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