Ameris snaps up two more failed institutions.The Georgia Department of Banking and Finance shuttered High Trust Bank of Stockbridge, which had $192.5 million in total assets and $189.5 million in deposits, and One Georgia Bank of Atlanta, which had 186.3 million in assets and $162.1 million in deposits. The Federal Deposit Insurance Corp. was appointed receiver and sold both failed institutions to Ameris Bank of Moultrie, Ga., which is the main subsidiary of Ameris Bancorp ( ABCB - Get Report). The FDIC agreed to absorb 80% of losses on $164.8 million of the assets Ameris acquired from High Trust Bank and $146.3 million in assets acquired from One Georgia Bank. The agency estimated that the cost to the deposit insurance fund would be $66 million for High Trust Bank's failure, and $44.4 million for the failure of One Georgia Bank. All three branches of the failed banks were scheduled to reopen during normal business hours as Ameris Bank branches. Ameris Bank's previous two failed-bank acquisitions were Darby Bank & Trust of Vidalia, Ga., and Tifton Banking Company of Tifton, Ga., both on November 10.
First Peoples BankThe Florida Office of Financial Regulation closed First Peoples Bank of Port St. Lucie. The FDIC was appointed receiver and sold the failed bank's $228.3 million in total assets and $209.7 million in deposits to Premier American Bank, NA of Miami. The FDIC estimated that the failure of First Peoples Bank would cost the deposit insurance fund $7.4 million. The six First Peoples branches were set to reopen as Premier American Bank branches during normal business hours.
Summit Bankthe Arizona Department of Financial Institutions shut down Summit Bank of Prescott, which had $72 million in total assets and $66.4 million in deposits. As receiver, the FDIC sold the failed institution's deposits for a 0.25% premium to The Foothills Bank of Yuma, Ariz. The Foothills Bank also agreed to assume Summit Bank's assets. The failed bank's office was scheduled to reopen Monday as a branch of The Foothills Bank. The FDIC estimated the cost of Summit Bank's failure to the deposit insurance fund would be $11.3 million.
Thorough Bank Failure CoverageAll bank and thrift closures since the beginning of 2008 are detailed in TheStreet's interactive bank failure map:
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