A Georgia bank closed Friday, with state authorities appointing the ""FDIC"":http://www.fdic.gov/ as receiver. The banker, accused of embezzling millions from the shuttered institution, remains missing after a two-week absence.
[IMAGE]""Montgomery Bank & Trust,"":https://www.montgomerybt.com/ located in Ailey, Georgia, closed its doors Friday, reopening Monday as part of ""Ameris Bank."":http://www.satillacommunitybank.com/
Ameris entered a purchase agreement with the FDIC to assume all of Montgomery Bank's deposits and about $12.4 million of
[COLUMN_BREAK]its assets ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô mainly cash and cash equivalents, according to ""information"":http://www.fdic.gov/news/news/press/2012/pr12080.html from the FDIC.
As of the end of March, Montgomery Bank & Trust had $173.6 million in assets and $164.4 million in deposits.
Forty-six-year-old Aubrey Price purchased a controlling portion of Montgomery Bank in 2010, according to ""CNN."":http://www.cnn.com/2012/07/08/us/georgia-wire-fraud/index.html
While praised locally for helping the struggling bank of nearly 90 years, Price allegedly embezzled millions of dollars, driving the bank to its ultimate failure Friday.
The ""Securities and Exchange Commission"":http://www.sec.gov/ announced ""last week"":http://www.sec.gov/litigation/litreleases/2012/lr22409.htm that it is freezing Price's assets, alleging the man ""has apparently gone into hiding after orchestrating a $40 million investment fraud.""
The SEC cites a June 2012 letter from Price in which he allegedly admits to having ""falsified statements with false returns"" masking $20 million and $23 million in investor losses.
According to CNN, investigators have also obtained a recent email from Price in which he hints at suicide. However, they suggest the FBI believes Price may have fled to South America, where he holds several properties.