State and federal regulators stepped in to shut down two community based lenders in Georgia and one in Washington state over the weekend.
They bring the number of ""FDIC-insured bank failures"":http://www.fdic.gov/bank/individual/failed/banklist.html to 43 for the year.
[IMAGE]""CertusBank, N.A."":http://www.certusbank.com/ of Easley, South Carolina, picked up both the failed Georgia banks â€" Atlantic Southern Bank and First Georgia Banking Company â€" in an FDIC-assisted transaction.
""Atlantic Southern Bank"":https://atlanticsouthernbank.com/index.aspx, headquartered in Macon, had $707.6 million in deposits and assets totaling $741.9 million.
[COLUMN_BREAK]""First Georgia Banking Company"":http://www.firstgabnk.com/, based out of Franklin, had $702.2 million in deposits and $731.0 million in assets on its books.
In addition to assuming all the deposits and taking over the two failed banks’ 26 branch locations, CertusBank will purchase essentially all of their assets. The FDIC agreed to share in any future losses on $585.1 million of the assets acquired from Atlantic Southern Bank and $452.1 million from First Georgia Banking Company.
The FDIC expects the two Georgia failures to cost a combined $430 million. Georgia remains one of the hot spots for bank closings. So far this year 12 lenders headquartered in the state have gone under.
Tacoma, Washington's ""Columbia State Bank"":https://www.columbiabank.com/ acquired the failed Summit Bank, based in Burlington, Washington.
""Summit Bank"":http://www.summitbank-wa.com/2616/mirror/ had approximately $131.6 million in deposits and $142.7 million in assets, and operated three local branch offices.
Columbia State Bank agreed to assume the failed bank’s deposits for a premium of 0.75 percent and purchase all of its assets. The FDIC will absorb some of the losses on $113.4 million of the acquired assets.
Summit Bank is the first insured institution in Washington to be seized this year. The FDIC estimates the closing will cost it $15.7 million.