Data / Bank failures / 2011 / Citizens Bank of Effingham
Citizens Bank of Effingham, Springfield, GA: failed February 18, 2011
Citizens Bank of Effingham in Springfield, Georgia, failed on February 18, 2011. Heritage Bank of the South of Albany, GA, took over its deposits. It held $214.3 million in assets and $206.5 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $48.2 million (22.5% of its assets). By assets it was the 40th largest of 92 banks closed or assisted in 2011.
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The FDIC's record
- Closed
- February 18, 2011
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Heritage Bank of the South, Albany, GA
- Total assets
- $214,275,000
- Total deposits
- $206,490,000
- Estimated cost to the FDIC
- $48,229,282 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- DIF
- FDIC certificate
- 34601
Other bank failures in Georgia, 2009 to 2013
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Sunrise Bank | Valdosta | May 10, 2013 | $60.8 million | $57.8 million | $16 million | Synovus Bank |
| Douglas County Bank | Douglasville | April 26, 2013 | $317.3 million | $315.3 million | $89.6 million | Hamilton State Bank |
| Frontier Bank | Lagrange | March 8, 2013 | $258.8 million | $224.1 million | $73.4 million | Heritage Bank of the South |
| Hometown Communitybank | Braselton | November 16, 2012 | $124.6 million | $108.9 million | $39.7 million | Certusbank, National Association |
| Jasper Banking Company | Jasper | July 27, 2012 | $206.7 million | $204.2 million | $49.2 million | Stearns Bank National Association |
| Georgia Trust Bank | Buford | July 20, 2012 | $116.9 million | $114.7 million | $25.3 million | Community & Southern Bank |
| First Cherokee State Bank | Woodstock | July 20, 2012 | $209 million | $182.1 million | $36.2 million | Community & Southern Bank |
| Montgomery Bank & Trust | Ailey | July 6, 2012 | $153.2 million | $164.2 million | $65.8 million | Ameris Bank |
Other failed banks Heritage Bank of the South took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Frontier Bank | Lagrange | GA | March 8, 2013 | $258.8 million | $224.1 million | $73.4 million | Heritage Bank of the South |
| First Southern National Bank | Statesboro | GA | August 19, 2011 | $164.6 million | $159.7 million | $22.2 million | Heritage Bank of the South |
All bank failures in 2011 · All bank failures in Georgia · Every failed bank Heritage Bank of the South took over · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-23. Assets and deposits are as of the last report before failure; the estimated cost is the FDIC's latest estimate of the loss to its insurance fund and changes as the receivership winds down. Free to reuse with credit to SpecStream under CC BY 4.0.