Wednesday 7:59pm
October 22, 2014
Currently 63°F
Posted: Friday, July 18th 2014 at 6:33pm

First bank failure of the year in Georgia hits Eastside Commercial

By Staff
EMAIL STORY CONTACT EDITOR PRINT
click to enlarge
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

© Copyright 2014 AccessNorthGa.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.


  • Click here
  • Click here
  • Click here
  • Click here
  • Click here
0.037261
icon
63°F
Gainesville, GA 30501
Clear
Wind: NW 8 mph
Dew point: 42°F