WASHINGTON – Regulators have closed a small lender in Georgia, bringing U.S. bank failures this year to 13 after 24 closures in all of 2013.
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The Federal Deposit Insurance Corp. said Friday that it has taken over Eastside Commercial Bank, based in Conyers, Georgia.
The bank, which operated two branches, had about $169 million in assets and $161.6 million in deposits as of March 31.
Community & Southern Bank, based in Atlanta, has agreed to assume all of the failed bank's deposits.
The FDIC says Macon, Georgia-based State Bank and Trust Company will also buy $42.6 million of Eastside Commercial Bank's loans.
The failure of Eastside Commercial Bank is expected to cost the deposit insurance fund $33.9 million.