WASHINGTON (CBS ATLANTA / AP) -
Regulators have closed a small bank in Georgia, bringing to 39 the number of U.S. bank failures this year. It is the third Georgia bank to fail within seven days and the ninth one to close this year.
The Federal Deposit Insurance Corp. on Friday seized Jasper Banking Co., based in Jasper and located in Pickens County. The bank had $216.7 million in assets and $213.1 million in deposits.
Stearns Bank, based in St. Cloud, MN, agreed to assume all the deposits and purchase essentially all the loans and other assets of the failed bank.
Regulators closed First Cherokee Bank in Woodstock and Georgia Trust Bank in Buford July 20. Both were acquired by Community & Southern Bank.
Copyright 2012 WGCL-TV (Meredith Corporation). All rights reserved. The Associated Press contributed to this report.
