A single acquirer picked up the operations of two failed Georgia banks late Friday in a deal costing the Federal Deposit Insurance Corp. nearly $72 million.
Regulators in the Peach State closed the $150.8 million-asset Patriot Bank of Georgia in Cumming, and the $102 million-asset CreekSide Bank in Woodstock. The two failures brought the industry's total this year to 70, including 19 shuttered in Georgia.
The FDIC sold all the deposits from the two banks and roughly all of their assets to Georgia Commerce Bank in Atlanta. The acquirer agreed to assume Patriot Bank of Georgia's $111 million in deposits and CreekSide's $96.6 million in deposits. The three total branches from the two failed banks will reopen Tuesday under the Georgia Commerce banner.
The FDIC will share losses with Georgia Commerce on $136 million of Patriot Bank of Georgia's assets, and on $69 million of CreekSide's assets.
The failure of Patriot Bank of Georgia was estimated to cost the Deposit Insurance Fund $44.4, while CreekSide's closure was estimated to cost just over $27 million.
