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Bank in Georgia goes under

July 7, 2012 at 12:44 PM   |   Comments

WASHINGTON, July 7 (UPI) -- Federal regulators said Ameris Bank of Moultrie, Ga., would buy the deposits and some of the assets of Montgomery Bank & Trust, which failed this week.

The Georgia Department of Banking and Finance closed the Montgomery bank, the 32nd bank closure in the country this year.

The failed bank had about $173.6 million in total assets. Ameris is set to buy $12.4 million of those, the Federal Deposit Insurance Corp. said Friday.

Ameris will assume all of the failed bank's deposits – valued at $164.4 million as of the end of March, The Wall Street Journal reported Saturday.

The closure will cost the FDIC about $75.2 million, the federal agency said.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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