JUPITER, Florida (January 18, 2011) — On Friday, regulators closed one bank: Oglethorpe Bank, Brunswick, Georgia. This represents the third bank to fail in 2011.
Oglethorpe Bank, located in Brunswick, Georgia with assets of just over $230 million at September 30, 2010 had been rated E- (“Very Weak”) for the last four quarters by Weiss Ratings and was first identified as “Weak” in March 2009 based on fourth quarter 2008 data. The bank reported a loss of more than $7 million through September 30, 2010. Oglethorpe had below-FDIC-mandated Tier 1 (5%) and Risk-Based Capital (6%) ratios of 1.03% and 2.68%, respectively. Nonperforming loans made up 16.4% of its loan portfolio.
Weiss Ratings, the nation’s independent provider of bank and insurance company ratings, accepts no payments for its ratings from rated institutions. It also distributes independent ratings on the shares of thousands of publicly traded companies, mutual funds, closed-end funds and ETFs.
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