Georgia Bank Fails; 2012 Tally at 39

NEW YORK (TheStreet) -- State regulators late Friday afternoon closed Jasper Banking Co. of Jasper, Ga., bringing this year's total number of bank failures to 39.

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.

Jasper Banking Co. had $216.7 million in total assets and $213.1 million in deposits. After being appointed receiver, the Federal Deposit Insurance Corp. sold the failed institution to Stearns Bank, NA, of St. Cloud, Minn.

The FDIC agreed to share in losses on $106.0 million of the assets acquired by Stearns Bank.

The failed bank's three offices were scheduled to reopen Saturday as branches of Stearns Bank.

The FDIC estimated that the failure of Jasper Banking Co. would cost the deposit insurance fund $58.1 million.

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

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