Posted: Friday, July 18th 2014 at 6:33pm
First bank failure of the year in Georgia hits Eastside Commercial
Eastside Commercial Bank became the first bank closure of the year in Georgia early Friday afternoon.
According to a release by the Federal Deposit Insurance Corporation, the Georgia Department of Banking and Finance closed the small bank that had long been on a watch-list of troubled banks.
The bank's two branches, located in Conyers and Duluth, have been acquired by Atlanta-based Community and Southern Bank, while Macon-based State Bank and Trust has purchased Eastside's outstanding loans.
The FDIC estimates that the move will cost the Deposit Insurance Fund approximately $33.9-million.
The agency it was the 13th bank failure nationwide this yeare.
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