Press Releases
FDIC Approves the Payout of the Insured Deposits of Rockbridge Commercial Bank, Atlanta, Georgia
| FOR IMMEDIATE RELEASE December 18, 2009 |
The Federal Deposit Insurance Corporation (FDIC) approved the payout of the insured deposits of RockBridge Commercial Bank, Atlanta, Georgia. The bank was closed today by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver.
The FDIC was unable to find another financial institution to take over the banking operations of RockBridge Commercial Bank. As a result, checks to the retail depositors for their insured funds will be mailed on Monday. Brokered deposits will be wired once brokers provide the FDIC with the necessary documents to determine if any of their clients exceed the insurance limits. Customers who placed money with brokers should contact them directly for more information about the status of their funds.
As of September 30, 2009, RockBridge Commercial Bank had approximately $294.0 million in total assets and $291.7 million in total deposits. At the time of closing, the bank had an estimated $2.1 million in uninsured funds. This amount is an estimate that is likely to change once the FDIC obtains additional information from these customers.
Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-405-1604. Customers with accounts in excess of $250,000 also should contact the toll-free number to set up an appointment to discuss their deposits. The phone number will be operational this evening until 9:00 p.m. Eastern Standard Time (EST); on Saturday from 9:00 a.m. to 6:00 p.m. EST; and on Sunday from noon to 6:00 p.m. EST; and thereafter from 8:00 a.m. to 8:00 p.m. EST.
Due to the Christmas Holiday, the toll-free number will not be operational between the hours of 3 p.m., Thursday, December 24, and 8:00 a.m., Monday, December 28. At that time the toll-free number will resume its normal hours. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/rockbridge.html.
Beginning on Monday, customers of RockBridge Commercial Bank with deposits exceeding $250,000 at the bank may visit the FDIC's Web page "Is My Account Fully Insured?" at https://www2.fdic.gov/drrip/afi/index.asp.
RockBridge Commercial Bank is the 134th FDIC-insured institution to fail this year and the twenty-fifth in Georgia since The Buckhead Community Bank, Atlanta, was closed on December 4, 2009. The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $124.2 million.
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