""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.