On Friday, the Georgia Department of Banking and Finance closed RockBridge Commercial Bank, headquartered in Atlanta, Georgia, and the FDIC was named as receiver. As receiver, the FDIC approved the payout of the insured deposits of RockBridge Commercial Bank.
As of September 30, 2009, RockBridge Commercial Bank had total assets of approximately $294 million and total deposits of $291.7 million. Because the FDIC was unable to find another financial institution to take over for the banking operations of RockBridge Commercial Bank, checks to the retail depositors will be mailed on Monday and customers with brokered deposits will be wired funds once a determination is made regarding the respective insurance coverage on their brokered deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund will be approximately $124.4 million. RockBridge Commercial Bank is the 134th bank to fail in the nation this year and the 25th in Georgia.