Sixteenth Bank Failure of 2008

Sixteenth Bank Failure of 2008

Alpha Bank & Trust of Alpharetta, GA was closed by the Georgia Department of Banking and Finance on October 24, 2008. The Federal Deposit Insurance Corporation (FDIC) was named Receiver. It is the sixteenth bank in the United States to fail in 2008. So far.

The FDIC entered into a purchase and assumption agreement with Stearns Bank of St. Cloud, Minnesota, which assumed the insured deposits of the failed Alpha Bank. Both Alpha Bank & Trust branches have reopened as Stearns Bank branches.

Image by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com.

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