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Failed Bank Information
First Georgia Community Bank - Receivership Balance Sheet Summary (Unaudited)
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Fund Code: 10025
Failure Date: 12/05/08 |
For
Period Ending March 31, 2009
(in $000's) |
| Assets |
Current
Balance |
| Cash / Investments |
$
35,993 |
| Assets in Liquidation |
170,222 |
| Estimated
Loss on Assets in Liquidation (1) |
(127,198) |
| Total Assets |
$
78,957 |
|
| Liabilities |
Current
Balance |
| Administrative
Liabilities |
$
(3,690) |
|
FDIC Subrogated Deposit Claim |
184,561 |
| Uninsured
Deposit Claims |
0 |
| Other Claimants |
0 |
| Liabilities at Inception - Unproven |
0 |
| Total
Liabilities (2) |
$
180,871 |
| Net Worth (Deficit) |
(101,914) |
| Total Liabilities and Net Worth |
$
78,957 |
|
|
. |
| Proven
Deposit Claims |
Claim
Balance |
% |
| FDIC
Subrogated Claim |
$
184,561 |
100% |
| Uninsured Depositors |
0 |
0% |
| SubTotal
- Proven Deposit Claims |
$
184,561 |
100% |
| Less:
Dividends Paid to Date |
0 |
0% |
| Total
Unpaid Deposit Claims |
$
184,561 |
100% |
|
| Other
Claimants |
Claim
Balance |
% |
| General
Creditor |
$
0 |
N/A |
| Subordinated
Debt Holders |
0 |
N/A |
| SubTotal
- Other Claimants |
$
0 |
N/A |
| Less: Dividends
Paid to Date |
0 |
N/A |
| Total Unpaid Other Claimants |
$
0 |
N/A |
|
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| (1) Valuation of Assets/Loss Allowances: Assets of the receivership are shown at values representing cash on deposit or the book value of amounts invested; the principal balance of loans, notes, other debt instruments or receivables (note that interest on these assets is not accrued after failure but is recognized when received); the foreclosed value of real and/or personal property or the book value of assets (cost less depreciation or amortization through date of the institution’s failure); and the historical cost of the net investment in subsidiaries, partnerships or joint ventures, adjusted where appropriate to reflect the receivership’s portion of the underlying net earnings or losses. An Estimated Loss on Assets is provided when anticipated future asset disposition proceeds, including associated expenses, are less than recorded amounts. Future asset disposition proceeds are generally estimated by determining, via sampling or recent disposition activity, the recovery rates for similar assets across all receiverships. However, actual recovery rates for this receivership may differ according to the quality and type of individual asset, as well as over time with changing market conditions. Accordingly, the gains or losses ultimately realized for this receivership will likely vary from amounts estimated. |
| (2) The
Total Liabilities line item reflects those actual and accrued liabilities
recorded on the accounting records of this receivership as of the date of
this report. The Total Liabilities line item may not include other liabilities
arising from Estimated Interest on Claims and Income Taxes, as these liabilities
may not be recognized as of the report date, in accordance with current
receivership accounting practices. |
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| General Disclaimer |
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