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U.S. regulators close small bank in Georgia

First Published Jul 18 2014 05:37PM      Last Updated Jul 18 2014 05:37 pm

Washington • Regulators have closed a small lender in Georgia, bringing U.S. bank failures this year to 13 after 24 closures in all of 2013.

The Federal Deposit Insurance Corp. said Friday it has taken over Eastside Commercial Bank, based in Conyers, Ga.

The bank, which operated two branches, had about $169 million in assets and $161.6 million in deposits as of March 31.

Atlanta-based Community & Southern Bank has agreed to assume all of the failed bank’s deposits.

The FDIC says Macon, Georgia-based State Bank and Trust Company will also buy $42.6 million of Eastside Commercial Bank’s loans.

The failure of Eastside Commercial Bank is expected to cost the deposit insurance fund $33.9 million.



 

 

 

 

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