Georgia state regulators shut $103.7 million-asset Mountain Heritage Bank in Clayton on Friday.

The Federal Deposit Insurance Corp. entered into an agreement with the First American Bank and Trust Co. in Athens, Ga., to assume the failed bank's $89.6 million in deposits. First American also agreed to acquire essentially all of the failed bank's assets, and entered into a loss-sharing agreement with the FDIC on $69.2 million of those assets.

Mountain Heritage is the 48th bank to fail so far this year and 14th failure in Georgia. The FDIC said the failure would cost the Deposit Insurance Fund an estimated $41.1 million.

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