• The Savannah Bank, National Association Assumes Deposits of First National Bank
  • July 2, 2010
  • Law Firm: Alston Bird LLP - Atlanta Office
  • On Friday, the Office of the Comptroller of the Currency closed First National Bank, headquartered in Savannah, Georgia, and appointed the FDIC as receiver for the bank. As receiver, the FDIC entered into a purchase and assumption agreement with The Savannah Bank, National Association, also headquartered in Savannah, Georgia, to assume all of the deposits of First National Bank.

    As of March 31, 2010, First National Bank had approximately $252.5 million in total assets and $231.9 million in total deposits. The Savannah Bank, N.A. will pay the FDIC a premium of 0.11% to assume all of the deposits of First National Bank. In addition to assuming all of the deposits of the failed bank, The Savannah Bank, N.A. agreed to purchase some of the assets. The FDIC as receiver will retain most of the assets from First National Bank for later disposition.

    First National Bank is the 85th FDIC-insured institution to fail in the nation this year, and the ninth in Georgia.