Law and regulation

First-Citizens in N.C. Buys Failed Bank in Atlanta

By Joe Adler February 13, 2015, 6:47 p.m. EST 1 Min Read

Community banking

Highland Community in Illinois Is Year's Second Failure

The Illinois Department of Financial and Professional Regulation closed the $54.7 million-asset Highland Community Bank in Chicago on Friday.

By Robert Barba

January 23

Georgia state regulators on Friday closed the $272 million-asset Capitol City Bank & Trust Co., in Atlanta, the third institution to fail this year.

The failed bank's operations, which include eight branches, were sold to First-Citizens Bank & Trust Co. in Raleigh, N.C. The acquirer agreed to assume all of Capitol City's $262.7 million in deposits, and will purchase essentially all of the failed bank's assets. The bank will reopen during normal business hours as Capitol City Bank & Trust, a division of First-Citizens Bank & Trust Co.

The failure is estimated to cost the Federal Deposit Insurance Corp. $88.9 million. Capitol City Bank & Trust is the first Georgia institution to fail since Eastside Commercial Bank, in Conyers, was closed in July.

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Law and regulation

Community banking

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