Ameris Bank, Moultrie, Georgia, acquired the banking operations, including all the deposits, of High Trust Bank, Stockbridge, Georgia, and One Georgia Bank, Atlanta, Georgia.
As of March 31, 2011, High Trust Bank had total assets of $192.5 million and total deposits of $189.5 million; and One Georgia Bank had total assets of $186.3 million and total deposits of $162.1 million. Besides assuming all the deposits from the two Georgia banks, Ameris Bank will purchase essentially all of their assets.
The FDIC and Ameris Bank entered into loss-share transactions on the failed banks' assets. The loss-share transaction for High Trust Bank was $164.8 million, and the loss-share transaction for One Georgia Bank was $146.3 million. Ameris Bank will share in the losses on the asset pools covered under the loss-share agreements. The loss-share transactions are projected to maximize returns on the assets covered by keeping them in the private sector.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for High Trust Bank will be $66.0 million and for One Georgia Bank, $44.4 million. Compared to other alternatives, Ameris Bank's acquisition of the two institutions was the least costly option for the DIF.
The closings are the 52nd and 53rd FDIC-insured institutions to fail in the nation so far this year and the fifteenth and sixteenth in Georgia. The last FDIC-insured institution closed in the state was Mountain Heritage Bank, Clayton, on June 24, 2011.
Premier American Bank, National Association, Miami, Florida, Assumes All of the Deposits of First Peoples Bank, Port Saint Lucie, Florida
As of March 31, 2011, First Peoples Bank had approximately $228.3 million in total assets and $209.7 million in total deposits. In addition to assuming all of the deposits of the failed bank, Premier American Bank agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $7.4 million. Compared to other alternatives, Premier American Bank's acquisition was the least costly resolution for the FDIC's DIF. First Peoples Bank is the 54th FDIC-insured institution to fail in the nation this year, and the seventh in Florida. The last FDIC-insured institution closed in the state was First Commerce Bank of Tampa Bay, Tampa, on June 17, 2011.