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Georgia Bank Collapses Over Weekend; 2013 Tally Now at 4

in Government March 11, 2013 671 Views

""FDIC"":http://www.fdic.gov/ announced Friday the closure of Frontier Bank, based in LaGrange, Georgia.

The ""Georgia Department of Banking and Finance"":http://dbf.georgia.gov/ shut down the bank, appointing FDIC as receiver. ""HeritageBank of the South"":https://www.eheritagebank.com/ (Albany, Georgia) has picked up all of Frontier Bank's $224.1 million in deposits and ""virtually all"" of the closed bank's $258.8 million in assets, FDIC said.

The total estimated cost to the Deposit Insurance Fund will be $51.6 million.

Frontier Bank mark's Georgia's first bank failure in 2013 and is the nation's fourth failure overall this year. By the same time in 2012, there had been 12 bank collapses.

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About Author: Tory Barringer

Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington's student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News' sister publication, MReport, which focuses on mortgage banking news.
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