On Friday, the Georgia Department of Banking and Finance closed Community Bank and Trust, headquartered in Cornelia, Georgia, and the FDIC was named receiver. As receiver, the FDIC entered into a purchase and assumption agreement with SCBT, N.A., headquartered in Orangeburg, South Carolina, to assume all of the deposits of Community Bank and Trust. SCBT, N.A. did not pay the FDIC any premium for the deposits of the failed bank.
As of September 30, 2009, Community Bank and Trust had approximately $1.21 billion in total assets and $1.11 billion in total deposits. SCBT, N.A. agreed to purchase essentially all of Community Bank and Trust's assets. The FDIC and SCBT, N.A. entered into a loss-share transaction on $827.7 million of Community Bank and Trust's assets.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $354.5 million. Community Bank and Trust is the thirteenth FDIC-insured institution to fail in the nation this year and the second in Georgia following the failure of First National Bank of Georgia earlier on Friday.