FIs Closed: Bartow County Bank, Cartersville, Georgia, USA
On Friday, April 15, 2011, Bartow County Bank, Cartersville, Georgia, USA was closed by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with Hamilton State Bank, Hoschton, Georgia, to assume all of the deposits of Bartow County Bank.
The four branches of Bartow County Bank reopened during their normal business hours beginning Saturday as branches of Hamilton State Bank.
As of 31 December, 2010, Bartow County Bank had approximately USD330.2 million in total assets and USD304.1 million in total deposits. Hamilton State Bank will pay the FDIC a premium of 1.0 percent to assume all of the deposits of Bartow County Bank.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USd69.5 million.
Bartow County Bank is the 29th FDIC-insured institution to fail in the USA this year and the seventh in Georgia.
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