No reason for the closure of a Georgia bank on Friday was released by the federal bank deposit insurance agency, except to note that the bank held a substantial sum (relative to its total deposits) in uninsured deposits, according to the release from the agency issued late that day.
The Federal Deposit Insurance Corp. (FDIC) said the Community Bank and Trust – West Georgia of LaGrange, Ga. was closed by the Georgia Department of Banking and Finance. The FDIC said it was appointed receiver by the state regulator. The closed bank’s deposits and assets were assumed by Anchor Bank of Palm Beach Gardens, Fla.
In its release, the FDIC said the closed bank held $268 million in deposits at the end of last year. It said $27 million of those (10%) exceed the agency’s insurance limits. That makes those deposit uninsured. The FDIC also noted that the amount of uninsured deposits is likely to change once the agency obtains additional information.
“The FDIC may make payments to uninsured depositors (i.e. provide an ‘advanced dividend’) at a later date based on the recoveries from the sale of the retained failed bank’s assets and will provide additional information as it becomes available,” the agency said.
Customers with accounts above the FDIC’s insurance limit of $250,000 were told to contact the agency (at 1-866-314-1744) to make an appointment to discuss their deposits.
Anchor Bank Assumes Insured Deposits of Community Bank and Trust – West Georgia, LaGrange, Georgia
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