State regulators closed ""Global Commerce Bank"":http://www.bankonglobal.com/ of Doraville, Georgia on Friday, marking the first bank closing for March and the second Georgia bank to close in two weeks. So far this year, twelve FDIC-insured banks have closed.
The ""FDIC"":http://www.fdic.gov/ entered into a purchase and assumption agreement with ""Metro City Bank"":http://www.metrocitybank.com/ of Doraville, Georgia, to assume all deposits of the failed bank. As of December 31, 2011, Global Commerce held $143.7 million in assets and $116.8 million in deposits. In addition to assuming all deposits of Global Commerce, Metro City agreed to purchase about $79 million of the failed bank's assets.
The three branches of Global Commerce reopened on Saturday as Metro City.
Last year, the FDIC reported 92 bank closings, a figure following 157 closings in 2010.