FDIC Friday ~ March 8, 2013
Posted: Fri Mar 08, 2013 7:45 pmHeritageBank of the South, Albany, Georgia, Assumes All of the Deposits of Frontier Bank, LaGrange, Georgia
As of December 31, 2012, Frontier Bank had approximately $258.8 million in total assets and $224.1 million in total deposits. In addition to assuming all of the deposits of the failed bank, HeritageBank of the South agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $51.6 million. Compared to other alternatives, HeritageBank of the South's acquisition was the least costly resolution for the FDIC's DIF. Frontier Bank is the fourth FDIC-insured institution to fail in the nation this year, and the first in Georgia. The last FDIC-insured institution closed in the state was Hometown Community Bank, Braselton, on November 16, 2012.
As of December 31, 2012, Frontier Bank had approximately $258.8 million in total assets and $224.1 million in total deposits. In addition to assuming all of the deposits of the failed bank, HeritageBank of the South agreed to purchase essentially all of the assets.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $51.6 million. Compared to other alternatives, HeritageBank of the South's acquisition was the least costly resolution for the FDIC's DIF. Frontier Bank is the fourth FDIC-insured institution to fail in the nation this year, and the first in Georgia. The last FDIC-insured institution closed in the state was Hometown Community Bank, Braselton, on November 16, 2012.