Georgia closes 23rd bank of the year
11/11/2011
Community Bank of Rockmart, with assets of $62.2 million at June 30, was rated E- ("Very Weak") by
Weiss at the time of failure and was first identified as "Weak" in June 2005. It reported a loss of more
than $118,000 for the six months ending June 30. It had below-FDIC-mandated Tier 1 (5%) and risk-based capital (6%)
ratios of 2.16% and 4.49%, respectively. Nonperforming loans represented almost 14% of its loan portfolio.
Century Bank of Georgia in Cartersville, with assets of $115 million and a Weiss Financial Strength Rating of
C- ("Fair"), will assume the deposits of Community Bank of Rockmart. Century Bank has a Tier 1 capital
ratio of 11.13% and a risk-based capital ratio of 17.17%. The bank also had moderate nonperforming loans of 3.58% and
only $228,000 in net income through June 30 with an ROA of 0.40%, well below the industry average of 0.87%.