Bank First Southern State
- First Southern National Bank , a GA based bank, was closed down by the FDIC on 19-Aug-11. There have been 20 bank failures in the country so far in this quarter, and 3 in the state of GA.
- Bankvega safety score (on a scale of 1 to 100) for this bank was 1 for the most recent quarter before its actual failure. Thus, this bank was ranked in the riskiest bucket among all commercial banks in the country.
- Over the past six quarters, the bank has experienced a remarkable detrioration in its safety ranking. As evident from this graph, the bank’s safety ranking experienced a considerable decline three quarters ago.
- Further analysis indicates that the the bank’s poor growth rate was a major contributor to its downfall.
- Post-failure Recovery: The bank’s post-failure asset value is estimated to be about 80.11% of its book value at the time of failure. Thus, the bank’s assets are expected to recover a significant portion of their pre-failure value in coming months.
- Further analysis indicates that the bank’s large cash balance is a key contributor to its higher than average recoveray rate.
Tags: 57239, Failure, First Southern National Bank, georgia bankruptcy
Authorities continue the search for Steven Thornberry and at least one accomplice, in connection with the robbery of First Southern State Bank in Leesburg on Monday afternoon.
Thornberry was identified from video surveillance footage taken during the robbery. He managed to flee with an undisclosed amount of cash and left in a late model, dark gray, Mitsubishi Eclipse.
The suspect was last seen on Cherokee County Road 44, heading toward the Yellow Creek area.
Thornberry apparently abandoned the Eclipse, and was picked up by an unidentified accomplice, in what was described as a reddish color Nissan Maxima. Authorities have recovered the original getaway vehicle.
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The First Bank of the United States is a National Historic Landmark located in Philadelphia, Pennsylvania within Independence National Historical Park.
