FDIC closes Georgia Trust Bank in Buford

BUFORD - Buford-based Georgia Trust Bank has been added to the list of banks that have failed this year after being closed Friday by the Federal Deposit Insurance Corporation.

According to a FDIC press release, the two branches of Georgia Trust Bank will reopen on Monday as branches of Community & Southern Bank.

As of March 31, Georgia Trust Bank had approximately $119.8 million in total assets and $117.4 million in total deposits. In addition to assuming all of the deposits of the failed bank, Community & Southern Bank agreed to purchase approximately $111.5 million of the failed bank's assets.

Georgia Trust Bank is the 35th FDIC-insured institution to fail in the nation this year, and the seventh in Georgia.