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Georgia Bank Fails, 2012 Tally at 32

Tickers in this article: ABCB

NEW YORK (TheStreet) -- State regulators late Friday afternoon closed Montgomery Bank & Trust of Ailey, Ga., bringing this year's total number of bank failures to 32.

The failed bank was previously included in TheStreet's Bank Watch List of undercapitalized institutions, based on regulatory data provided by Thomson Reuters Bank Insight.

After Montgomery Bank & Trust had $173.6 million in total assets and $164.4 million in deposits when it failed. The Federal Deposit Insurance Corp. was appointed receiver and sold the failed institution's retail deposits to Ameris Bank of Moultrie, Ga., which is a subsidiary of Ameris Bancorp (ABCB) .

Customers with deposit accounts opened through brokers will need to contact their brokers for more information, since the FDIC pays brokers directly.

Ameris Bank also agreed to purchase roughly $12.4 million of the failed bank's assets, with the FDIC retaining the rest for later disposition.

The failed bank's two offices were set to reopen Monday as branches of Ameris Bank. The FDIC estimated that the cost of Montgomery Bank & Trust's failure to the deposit insurance fund would be $75.2 million.

Montgomery Bank & Trust was the sixth Georgia institution to fail this year. There were 23 bank failures in Georgia during 2011. Georgia leads all states with 79 bank failures since the beginning of 2008, followed by Florida, with 62 bank closures, Illinois, with 51, and California, with 39 bank and thrift failures.

Interested in more on Ameris Bancorp? See TheStreet Ratings' report card for this stock.


-- Written by Philip van Doorn in Jupiter, Fla.

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