NEW YORK ( TheStreet) -- State regulators late Friday afternoon closed Jasper Banking Co. of Jasper, Ga., bringing this year's total number of bank failures to 39.
Jasper Banking Co. had $216.7 million in total assets and $213.1 million in deposits. After being appointed receiver, the Federal Deposit Insurance Corp. sold the failed institution to Stearns Bank, NA, of St. Cloud, Minn.
The FDIC agreed to share in losses on $106.0 million of the assets acquired by Stearns Bank.The failed bank's three offices were scheduled to reopen Saturday as branches of Stearns Bank. The FDIC estimated that the failure of Jasper Banking Co. would cost the deposit insurance fund $58.1 million.
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