Three small community banks terminated their deposit insurance coverage in June, the federal insurer of bank deposits said Friday in a summary of enforcement decisions and orders.
The banks – two in Georgia and one in Washington – each held assets under $205 million. The agency said that all three of the banks were “not engaged in the business of receiving deposits, other than trust funds.”
The Federal Deposit Insurance Corp. (FDIC) said the two Georgia banks are Wilcox County State Bank in Abbeville (with $169 million in assets at the end of the first quarter) and One South Bank in Macon ($204 million).
The Washington Bank is First Sound Bank of Seattle with $155 million in assets.
All three banks will see their deposit insurance end as of Sept. 30.
The insurance termination repreasents the end of a long stretch of federal deposit insurance coverage for the Georgia banks. According to the FDIC, Wilcox County State Bank was established in 1952, and One South Bank in 1939.
First Sound Bank was established in 2004, the FDIC reports.
FDIC Enforcement Decisions and Orders