Century Buys Failed Rockmart Bank

The second state-chartered bank headquartered in Bartow County took a step toward growth, as Cartersville-based bought the failed Community Bank of Rockmart, the Federal Deposit Insurance Corp. said today.

Open since 2000, , which was founded by a group of local businessmen, has already expanded to Calhoun and Belmont, according to its website. It assumed most of Community's sour loans and all of its deposits in a deal the FDIC says will cost the Deposit Insurance Fund $14.5 million, the least costly resolution.

As of Sept. 30, Community Bank of Rockmart had about $62.4 million in total assets and $55.9 million in total deposits, according to an FDIC press release. In addition to assuming all of the deposits, agreed to purchase about $40.7 million of the failed bank's assets. The FDIC will keep the remaining assets for later disposition.

Atlanta Journal-Constitution reports a lot of Community's loan portfolio was in commercial real estate. Nearly 30 percent were non-performing, either late or in default or foreclosure.

Community Bank of Rockmart is the 88th FDIC-insured institution to fail in the nation this year, and the 23rd in Georgia.

Georgia leads the nation in bank failures with 74 since the middle of 2008, according to the newspaper.