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Georgia: HeritageBank of the South Assumes Deposits of Frontier Bank

 

March 11 - Frontier Bank, LaGrange, 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 HeritageBank of the South, Albany, Ga., to assume all of the deposits of Frontier Bank.

As of Dec. 31, 2012, Frontier Bank had approximately $258.8 million in total assets and $224.1 million in total deposits. In addition to assuming all of the deposits of the failed bank, HeritageBank of the South agreed to purchase essentially all of the assets.

Customers with questions about the transaction should call the FDIC toll-free at 866-674-8944. Interested parties also can visit the FDIC's website at www.fdic.gov/bank/individual/failed/frontier-ga.html.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $51.6 million. Compared to other alternatives, HeritageBank of the South's acquisition was the least costly resolution for the FDIC's DIF. Frontier Bank is the fourth FDIC-insured institution to fail in the nation this year, and the first in Georgia. The last FDIC-insured institution closed in the state was Hometown Community Bank, Braselton, on Nov. 16, 2012.

 

 


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