The Georgia Department of Banking and Finance closed Montgomery Bank & Trust in Ailey on Friday.
The Federal Deposit Insurance Corp. entered into an agreement with the $3 billion-asset Ameris Bank in Moultrie, Ga., which agreed to assume all of the bank's $164.4 million in deposits.
Ameris also agreed to buy $12.4 million of the bank's $173.6 million in assets. In a press release, the FDIC said most of what Ameris plans to buy is cash and cash equivalents. It said it would retain the remaining assets for later disposition.
The failure is expected to cost the Deposit Insurance Fund $75.2 million. It is the 32nd bank to fail so far in 2012. Montgomery is Ameris' 10th failed bank deal since 2009.
