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Georgia Bank Failure Raises 2012 Tally to 39

State regulators shuttered a bank in Georgia this weekend, raising the bar to 39 for bank failures nationally this year.


Jasper-based Jasper Banking Company fell dark with about $216.7 million in total assets and $213.1 million in total deposits.


""Stearns Bank National Association"":https://www.stearnsbank.com/ swooped in to sign a purchase-and-assumption agreement with the ""FDIC"":http://www.fdic.gov/, as well as a loss-share transaction on $106 million of the assets.

The acquirer assumed essentially all of the assets and deposits, along with three branches, which reopened under new management on Saturday.

The cost to the FDIC's Deposit Insurance Fund: $58.1 million.

Stearns Bank heralded the acquisition as one that allowed it to expand to 12 offices across four states, including Arizona, Florida, Georgia, and Minnesota.

""We are pleased to welcome the Jasper Banking Company customers and employees to the Stearns Bank family,"" Norman Skalicky, CEO of Stearns Bank, said in a statement.

""The customers of Jasper will continue to be served by the same friendly professionals and their deposits continue to be insured by the FDIC up to the legal limit and backed by the considerable capital strength of Stearns Bank,"" he added.

About Author: Ryan Schuette

Ryan Schuette is a journalist, cartoonist, and social entrepreneur with several years of experience in real-estate news, international reporting, and business management. He currently lives in the Washington, D.C., area, where he freelances for DS News and MReport.

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