Georgia Bank Seized in Year's 50th Failure

WASHINGTON — State regulators in Georgia closed the $125 million-asset Hometown Community Bank in Braselton late Friday, stretching the industry's failure toll this year to 50.

The failure, the 10th of 2012 in the Peach State, was estimated to cost the Federal Deposit Insurance Corp. nearly $37 million. The FDIC reached a deal with CertusBank in Easley, S.C., which agreed to assume all of Hometown Community’s $109 million of deposits and acquire essentially all of its assets.

The failed bank's two branches will reopen Saturday under CertusBank's management. The last failure in Georgia occurred on July 27, when regulators seized Jasper Banking Co. in Jasper.