WASHINGTON — The failure of Global Commerce Bank in Doraville, Ga., late Friday was estimated to cost the Federal Deposit Insurance Corp. nearly $18 million.
Georgia state regulators closed the $144 million-asset bank and appointed the FDIC receiver. Metro City Bank, also located in Doraville, agreed to assume all of Global Commerce's $117 million in deposits and acquire about $79 million of its assets. The rest of the assets will be held in a receivership overseen by the FDIC. The failed bank's three branches will reopen starting Saturday as part of Metro City Bank.
Global Commerce was the nation's 12th bank to fail this year, and the third seized in Georgia.