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US regulators close small bank in Georgia

Published on NewsOK Modified: July 18, 2014 at 4:44 pm •  Published: July 18, 2014
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WASHINGTON (AP) — 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 that it has taken over Eastside Commercial Bank, based in Conyers, Georgia.

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

Community & Southern Bank, based in Atlanta, 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.