State regulators in Georgia Friday closed the $259 million-asset Frontier Bank in LaGrange, the fourth institution to fail this year.
Frontier's operations will be sold to HeritageBank of the South in Albany, Ga., in a deal brokered by the Federal Deposit Insurance Corp. The acquirer will assume all of the failed bank's $224 million in deposits and purchase roughly all of its assets. Frontier's nine branches will reopen starting Saturday as part of HeritageBank of the South.
The failure, the first to hit Georgia in 2013, is estimated to cost $51.6 million to the FDIC's insurance fund.