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U.S. regulators close small bank in Georgia

Published July 18, 2014 5:37 pm
This is an archived article that was published on sltrib.com in 2014, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

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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