Friday, March 8, 2013

Newly Listed Top 40 Failure

After nearly a month with no bank closings, sixteenth-ranked Frontier Bank of LaGrange, Georgia was closed today by state regulators. HeritageBank of the South (2029th), headquartered in Albany, Georgia, has agreed to purchase the approximately $258.8 million in total assets and  to assume the $224.1 million in total deposits of the former Frontier Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $51.6 million.