Regulators on Friday closed Eastside Commercial Bank in Conyers, Ga., the 13th institution to fail this year.
The institution with roughly $169 million in assets was seized by the state's banking regulator, which appointed the Federal Deposit Insurance Corp. as receiver.
The FDIC announced a deal to sell all of the failed bank's $161.6 million in deposits to Community & Southern Bank in Atlanta. The acquirer also agreed to buy $104.7 million of Eastside's assets.
The FDIC sold another $42.6 million of Eastsides assets to State Bank and Trust in a separate transaction. The FDIC will keep the remaining assets for future disposition.
The failure is estimated to cost the Deposit Insurance Fund $33.9 million.
Paul Davis writes for American Banker.
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