FIs closed; First Southern National Bank, Stateboro, Georgia, USA
On Friday, 19 August, 2011, First Southern National Bank, Statesboro, Georgia was closed by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with Heritage Bank of the South, Albany, Georgia, to assume all of the deposits of First Southern National Bank.
The sole branch of First Southern National Bank reopened on Saturday as a branch of Heritage Bank of the South.
As of 30 June, 2011, First Southern National Bank had approximately USD164.6 million in total assets and USD159.7 million in total deposits.
Heritage Bank of the South will pay the FDIC a premium of 1.0 percent to assume all of the deposits of First Southern National Bank.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD39.6 million.
First Southern National Bank is the 67th FDIC-insured institution to fail in the USA this year and the seventeenth in Georgia.
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