State banking regulators shut down Satilla Community Bank in St. Marys Friday.
It was the eighth Georgia-based bank closed this year and the 38th since 2008, the most in any state.
The bank, which had total assets of $135.7 million, is being acquired by Ameris Bank in Moultrie in a loss-share agreement with the Federal Deposit Insurance Corp.
Under these agreements the FDIC will absorb a set portion of the loss on a specified pool of assets of the failed bank. The agency says such arrangements minimize the loss to the FDIC, and ultimately, to taxpayers.
The FDIC estimated the failure will cost its deposit insurance fund $31.3 million.
Satilla only had the one branch in St. Marys, a coastal community about 30 minutes north of Jacksonville.
Customers' deposits are federally insured and Satilla accounts will automatically transfer over to Ameris, the FDIC said.
Those with existing loans should continue to make their normally scheduled payments. They also can continue to use their checks and debit cards.
Last year, Ameris, which has locations in Georgia, Florida, Alabama and South Carolina, acquired Sparta-based United Security Bank after it failed. Ameris' parent, Ameris Bancor, has more than $2.35 billion in total assets.
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