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Home | Daily Dose | Regulators Take Possession of Georgia Bank
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Regulators Take Possession of Georgia Bank

broken-bank

State and federal regulators announced Friday the closing of a Georgia bank, putting the 2014 national bank failure tally at 13.

Georgia's Department of Banking and Finance took possession of Conyers-based Eastside Commercial Bank, appointing FDIC as receiver.

To protect depositors, Community & Southern Bank, based in Atlanta, has agreed to assume all of Eastside's deposits, which were estimated at $161.6 million as of March 31. Community & Southern has also agreed to purchase $104.7 million of the collapsed bank's estimated $169.0 million in total assets.

FDIC also announced a separate transaction with Macon's State Bank and Trust Company, which will purchase $42.6 million of Eastside's loans.

The remaining assets will be held by FDIC for later disposition.

The cost of the bank failure is expected to impact FDIC's Deposit Insurance Fund to the tune of $33.9 million, the regulator announced.

Besides being the 13th FDIC-insured bank to fail so far this year, Eastside was the first to fall in Georgia in more than a year.

While FDIC doesn't make its list of Problem Banks open to the public, Eastside has sat on Calculated Risk's unofficial list since 2009, when FDIC and the Georgia Department of Banking and Finance published a cease and desist order in alleging that Eastside was found to have "engaged in unsafe or unsound banking practices and had committed violations of regulations."

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