Two banks in the Southeast failed Friday.
Regulators shut down Douglas County Bank in Douglasville, Ga., and Parkway Bank in Lenoir, N.C. Between them they had assets of $425 million and will cost the Deposit Insurance Fund an estimated $105 million.
Ten banks have failed this year.
Hamilton State Bank in Hoschton, Ga., took over the four branches of Douglas County Bank and will pay the Federal Deposit Insurance Corp. a 0.5% premium for all $314.3 million of Douglas' deposits. Hamilton also agreed to purchase $260.9 million of Douglas' $316.5 million of assets; the FDIC and Hamilton will share in the losses from $159.2 million of those assets.
The Douglas failure, the second in Georgia this year, is expected to cost the DIF $86.4 million.
CertusBank in Easley, S.C., acquired the three branches of Parkway and all $103.7 million of its deposits. CertusBank agreed to purchase $99.2 million of Parkway's $108.6 million of assets. No loss-sharing agreement was announced.
The Parkway failure, the first in North Carolina since June, will cost the DIF an estimated $18.1 million.
