A small community bank based near Macon was closed by regulators Friday, becoming the 20th failure in Georgia so far this year.
Gray-based Piedmont Community Bank was seized and sold to State Bank & Trust Co. Piedmont’s two branches will reopen Saturday as branches of State Bank.
Seventy-one banks have failed in Georgia since mid-2008, more than any other state in that time.
State Bank agreed to acquire all of Piedmont Community’s $181.4 million in total deposits and the bulk of the failed bank’s $201.7 million in total assets in a loss-share agreement with the FDIC.
The FDIC estimates the failure will result in a $71.6 million loss to its deposit insurance fund, which protects depositors.
Piedmont Community was founded in 2002 and focused most of its lending on construction and land development and commercial real estate, FDIC data show.
Problem assets -- including those loans delinquent, in default and foreclosed -- made up 37.4 percent of the bank's holdings, according to a FIG Partners analysis of second quarter FDIC data.
The bank lost more than $18 million since the start of 2009 as its loan portfolio soured, according to FDIC data.
State Bank is based in Macon. Its parent company, State Bank Financial, is based in Buckhead. The institution has now acquired 11 banks through FDIC-assisted transactions, including the six bank subsidiaries of Macon-based Security Bank Corp. in 2009.
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