Four banks insured by the Federal Deposit Insurance Corp. (FDIC) failed last week, bringing the total number of banking closings this year to 55.
The two biggest closings were in Georgia. Stockbridge-based High Trust Bank and Atlanta-based One Georgia Bank both fell and were acquired by Moultrie, Ga.-based Ameris Bank. Ameris and the FDIC entered into loss-share agreements on both institutions. High Trust Bank's failure is expected to cost the Deposit Insurance Fund (DIF) $66 million, and the tab for One Georgia Bank is projected to be $44.4 million.
Elsewhere in the Southeast, Port Sant Lucie, Fla.-based First Peoples Bank was closed, and its banking operations were sold to Miami-based Premier American Bank NA. The estimated cost to the DIF is $7.4 million.
The fourth bank closing belonged to Prescott, Ariz.-based Summit Bank. Yuma, Ariz.-based Foothills Bank acquired Summit's assets and deposits. The bank failure is expected to cost the DIF about $11.3 million.
