FDIC closes banks in North Carolina, Georgia

Published on NewsOK Modified: April 26, 2013 at 6:37 pm •  Published: April 26, 2013
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WASHINGTON (AP) — Regulators have closed banks in Georgia and North Carolina, bringing the number of U.S. bank failures to 10 this year.

The Federal Deposit Insurance Corp. said on Friday it seized Douglas County Bank, based in Douglasville, Ga.

The lender, which had four branches, had about $316.5 million in assets and $314.4 million in deposits.

Regulators also closed Parkway Bank, based in Lenoir, N.C., which had about $108.6 million in assets and $103.7 million in deposits.

The FDIC arranged for other banks to take over the failed banks' deposits and purchase their assets.

Hamilton State Bank, based in Hoschton, Ga., will pay the FDIC a 0.5 percent premium to assume the deposits of Douglas County Bank.

Hamilton also agreed to buy $260.9 million in the failed lender's assets, and entered into a loss-share transaction on $159.2 million of the assets.

Meanwhile, CertusBank NA, based in Easley, S.C., agreed to assume all of the deposits of Parkway Bank, which had three branches.

CertusBank also agreed to buy $99.2 million of the Parkway's assets.

The FDIC said it would retain the remaining assets for later disposition.

All told, the failures of Douglas County Bank and Parkway Bank are expected to cost the deposit insurance fund $104.5 million combined.

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