Federal and state authorities on late Friday closed down
of Alpharetta, Ga., the tenth bank failure so far this year.
will assume all deposits, including those over Federal Deposit Insurance Corp. insurance limits. Integrity had $1.1 billion in total assets and $974.0 million in total deposits as of June 30, according to the FDIC.
Regions paid a 1.012% premium for the deposits. The bank also will buy $34.4 million in other Integrity assets, mainly cash and cash equivalents. The FDIC, which was appointed receiver, will disperse of the remaining assets at a later time.
The bank failure will likely cost the FDIC insurance fund between $250 million and $350 million, the FDIC said in a statement. The sale to Regions was the least costly option, the FDIC said.
The Georgia Department of Banking and Finance led Friday's closing. Integrity's five offices will reopen Tuesday as branches of Regions Bank.
Integrity had an E- (very weak) Financial Strength Rating by TheStreet.com Ratings.
TheStreet.com Ratings issues financial strength ratings on each of the nation's 8,600 banks and savings and loans. They are available at no charge on the
. In addition, the Financial Strength Ratings for 4,000 life, health, annuity and property/casualty insurers are available on the
This article was written by a staff member of TheStreet.com.