Fis closed: Heritage Banking Group, Carthage,
On Friday, 15 April, 2011, Heritage Banking Group, Carthage, Mississippi was closed by the Mississippi Department of Banking and Consumer 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 Trustmark National Bank, Jackson, Mississippi, to assume all of the deposits of Heritage Banking Group.
The eight branches of Heritage Banking Group will reopen on Monday as branches of Trustmark National Bank.
As of 31 December, 2010, Heritage Banking Group had approximately USD224.0 million in total assets and USD196.2 million in total deposits.
Trustmark National Bank will pay the FDIC a premium of 0.15 percent to assume all of the deposits of Heritage Banking Group.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD49.1 million.
Heritage Banking Group is the 34th FDIC-insured institution to fail in the USA this year and the first in Mississippi.
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