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Georgia: Synovus Bank Assumes Deposits of Sunrise Bank

 

May 13 - Sunrise Bank, Valdosta, 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 Synovus Bank, Columbus, Ga., to assume all of the deposits of Sunrise Bank.

As of March 31, 2013, Sunrise Bank had approximately $60.8 million in total assets and $57.8 million in total deposits. In addition to assuming all of the deposits of the failed bank, Synovus Bank agreed to purchase approximately $13.2 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

Customers with questions about the transaction should call the FDIC toll-free at 800-508-8289. Interested parties also can visit the FDIC's website at www.fdic.gov/bank/individual/failed/sunrisebank.html.

The FDIC estimates that cost to the Deposit Insurance Fund will be $17.3 million. Compared to other alternatives, Synovus Bank was the least costly resolution for the FDIC's DIF. Sunrise Bank is the 12th FDIC-insured institution to fail in the nation this year, and the third in Georgia. The last FDIC-insured institution closed in the state was Douglas County Bank, Douglasville, on April 26, 2013.

 


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