CertusBank Assumes Deposits of Hometown Community Bank

Nov 19 - Hometown Community Bank, Braselton, Ga., has been closed by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with CertusBank, National Association, Easley, S.C., to assume all of the deposits of Hometown Community Bank.

As of Sept. 30, 2012, Hometown Community Bank had approximately $124.6 million in total assets and $108.9 million in total deposits. In addition to assuming all of the deposits of the failed bank, CertusBank, N.A. agreed to purchase essentially all of the assets.

Customers with questions about the transaction should call the FDIC toll-free at 800-830-4725. Interested parties also can visit the FDIC's website at www.fdic.gov/bank/individual/failed/hometown.html.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $36.7 million. Compared to other alternatives, CertusBank, N.A.'s acquisition was the least costly resolution for the FDIC's DIF. Hometown Community Bank is the 50th FDIC-insured institution to fail in the nation this year, and the tenth in Georgia. The last FDIC-insured institution closed in the state was Jasper Banking Co., Jasper, on July 27, 2012.