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Bank Failure in Georgia Marks 50th This Year

in Data, Government, Origination, Secondary Market, Servicing November 19, 2012 1,414 Views

Marking the 50th bank closing nationwide this year, the two branches of ""Hometown Community Bank"":http://www.hometowncb.com/ in Braselton, Georgia shut their doors Friday and reopened Saturday as branches of ""CertusBank,"":http://www.certusbank.com/ National Association of Easley, South Carolina.

After the ""Georgia Department of Banking and Finance"":http://dbf.georgia.gov/ shut down the failed bank Friday, the ""FDIC"":http://www.fdic.gov/ entered a purchase and assumption agreement with CertusBank, which has agreed to assume all of the deposits and nearly all of the assets of the shuttered bank.

Hometown Community Bank is the 10th Georgia bank to close this year.

The bank held about $124.6 million in assets and about $108.9 million in deposits as of the end of the third quarter of this year.

The FDIC estimates it will incur a loss of about $36.7 million as a result of Hometown's failure.

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About Author: Krista Franks Brock

Krista Franks Brock is a professional writer and editor who has covered the mortgage banking and default servicing sectors since 2011. Previously, she served as managing editor of DS News and Southern Distinction, a regional lifestyle publication. Her work has appeared in a variety of print and online publications, including Consumers Digest, Dallas Style and Design, DS News and DSNews.com, MReport and theMReport.com. She holds degrees in journalism and art from the University of Georgia.
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