Two community banks in Georgia, and one in Florida, were closed late Friday at a cost of more than $130 million to the Federal Deposit Insurance Corp.
Regulators in the Peach State shuttered the $191 million-asset Decatur First Bank, in Decatur, and the $181 million-asset Community Capital Bank, in Jonesboro. Meanwhile, the $216 million-asset Old Harbor Bank in Clearwater, Fla., was closed. The failures brought the year's toll to 83.
The FDIC found buyers for all three institutions. Fidelity Bank in Atlanta agreed to assume all of Decatur First's $179 million in deposits and roughly all of its assets. The FDIC and Fidelity will share losses on about $111 million of those assets. The failure was estimated to cost the FDIC $32.6 million.
Community Capital's $166 million in deposits will go to State Bank and Trust Co. in Macon, Ga. The buyer will also purchase essentially all of the failed bank's assets, and share losses with the FDIC on about $141 million of those assets. The failure's cost was estimated to be $62 million.
The failure of Old Harbor was estimated to cost $39.3 million. Its operations were sold to 1st United Bank in Boca Raton, Fla., which agreed to assume all of its $218 in deposits and acquire essentially all of its assets. The FDIC and 1st United will share losses on $155.6 million of the failed bank's assets.
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