Federal regulators shut down three Georgia banks on Friday, bringing the total number of state bank failures for the year to 21.
Georgia has seen 51 banks seized since August 2008, the highest total in the nation over that time.
Closed on Friday were Atlanta-based United Americas Bank, Chestatee State Bank of Dawsonville and Appalachian Community Bank FSB of McCaysville. The banks were sold to other lenders.
United Americas was sold to State Bank & Trust, whose holding company is based in Atlanta.
Chestatee State was acquired by Little Rock-based Bank of the Ozarks. Appalachian Community, a federal savings bank, was bought by Madisonville, Tenn.-based Peoples Bank of East Tennessee.
The branches of each bank will reopen under their new flags.
United Americas, a Latino-focused business bank with branches in Buckhead, Chamblee and Norcross, had $242.3 million in assets and $193.8 million in deposits when it closed. State Bank agreed to buy the bulk of its assets and all deposits under a loss-share agreement with the Federal Deposit Insurance Corp.
United Americas opened in 1999. Its failure will cost the FDIC’s insurance fund $75.8 million. State Bank has now acquired 10 failed institutions in Georgia since July 2009.
Chestatee State, founded in 1998, was a residential-development-focused bank that lent to developers in the Atlanta suburbs and North Georgia mountains.
Bank of the Ozarks assumed most of Chestatee State’s $244.4 million in assets and all its $240.5 million in deposits. Its failure will cost the FDIC's fund $75.3 million.
Chestatee State is the second Georgia bank acquired by Bank of the Ozarks.
Appalachian Community FSB was founded in 2007. The bank had $68.2 million in assets and $76.4 million in deposits, most of which was acquired by Peoples Bank.
The failure will cost the FDIC's fund $26 million.
Appalachian Community FSB's Ellijay-based sibling bank, also known as Appalachian Community Bank, failed in March. The Ellijay-based Appalachian Community was bought by Community & Southern Bank.
