Alpha Bank & Trust, based in Alpharetta, Ga., has been closed by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corp. (FDIC) was named receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with Stearns Bank NA, based in St. Cloud, Minn., to assume the insured deposits of Alpha Bank & Trust. Depositors of the failed bank will automatically become depositors of Stearns Bank.
Alpha Bank & Trust is the 16th FDIC-insured institution to be closed this year.