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March 28, 2015
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Posted: Friday, July 18th 2014 at 6:33pm

First bank failure of the year in Georgia hits Eastside Commercial

By Staff
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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.
Associated Categories: Homepage, Business News, Local/State News

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Gainesville, GA 30501
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