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Regulators Seize Four Community-Based Lending Institutions

This year's ""failed-bank tally"":http://www.fdic.gov/bank/individual/failed/banklist.html has risen to 80 with the closings of four more lenders over the weekend in Georgia, Illinois, New Jersey, and North Carolina.
[IMAGE] ""Piedmont Community Bank"":http://www.piedmontcommunitybank.com/ in Gray, Georgia, operated two local branches with $181.4 million in deposits and $201.7 million in assets. It was taken over by ""State Bank and Trust Company"":http://www.statebt.com based out of Macon, Georgia.

The FDIC and State Bank and Trust entered into a loss-share transaction on $163.2 million of Piedmont Community Bank's assets. The Georgia bank's failure is expected to cost the FDIC $71.6 million.

Regulators also shut down ""Country Bank"":https://www.thecountrybank.com/ in Aledo, Illinois. It also had two local branches, with deposits totaling


$167.5 million and assets worth $190.6 million. The FDIC brokered a deal with ""Blackhawk Bank & Trust"":http://www.choosethechief.com of Milan, Illinois, to take over the failed lender's depository clients.

Blackhawk Bank & Trust agreed to purchase only $113.3 million of the Country Bank's assets. The FDIC will retain the remaining assets for later disposition. Country Bank's closing will cost the FDIC an estimated $66.3 million.

In Cranford, New Jersey, ""First State Bank"":http://www.fsbnj.com/ found regulators at its doors Friday evening. With two branch offices, First State Bank had approximately $201.2 million in deposits and $204.4 million in total assets.

""Northfield Bank"":http://www.enorthfield.com in Staten Island, New York, agreed to assume all of the deposits of First State Bank and purchase essentially all of its assets. The FDIC estimates that the cost of the New Jersey bank's closing will be $45.8 million.

""Blue Ridge Savings Bank, Inc."":http://blueridgesavings.com/ out of Asheville, North Carolina, was also shuttered. It operated 10 branch locations, with $158.7 million in deposits and $161.0 million in total assets. Thomasville's ""Bank of North Carolina"":http://www.bankofnc.com stepped in to take over the failed lender.

The FDIC and Bank of North Carolina entered into a loss-share transaction on $143.2 million of the assets acquired from Blue Ridge Savings Bank. The FDIC is expected to be out $38.0 million from the North Carolina bank's closing.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.

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