FIRST CHEROKEE STATE BANK Failed 2012

What happened

FIRST CHEROKEE STATE BANK of WOODSTOCK, GA was closed on 2012-07-20. The FDIC was named receiver.

Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets

Deposits were transferred to COMMUNITY & SOUTHERN BANK (ATLANTA, GA). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID

4018

FDIC Certificate

32711

FDIC FIN

10450

Bank name

FIRST CHEROKEE STATE BANK

Location

WOODSTOCK, GA

Failure date

2012-07-20

FDIC resolution date

2012-07-20

Charter type

State commercial bank, non-Federal Reserve member (FDIC-supervised)

Resolution type

Purchase & Assumption — acquiring bank assumed deposits + bought assets

FDIC DIF cost (est.)

$36M

Deposits at failure

$182M

Assets at failure

$209M

Acquiring bank

COMMUNITY & SOUTHERN BANK (ATLANTA, GA)

Other banks COMMUNITY & SOUTHERN BANK acquired in FDIC resolutions

• EASTSIDE COMMERCIAL BANK (CONYERS, GA) — failed 2014-07-18
• GEORGIA TRUST BANK (BUFORD, GA) — failed 2012-07-20
• THE BANK OF ELLIJAY (ELLIJAY, GA) — failed 2010-09-17
• FIRST COMMERCE COMMUNITY BANK (DOUGLASVILLE, GA) — failed 2010-09-17
• THE PEOPLES BANK (WINDER, GA) — failed 2010-09-17
• APPALACHIAN COMMUNITY BANK (ELLIJAY, GA) — failed 2010-03-19
• FIRST NATIONAL BANK OF GEORGIA (CARROLLTON, GA) — failed 2010-01-29