FIs Closed: McIntosh State Bank, Jackson, Georgia, USA
On Friday, 17 June, 2011, McIntosh State Bank, Jackson, GA 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 McIntosh State Bank.
The four branches of McIntosh State Bank have reopened as branches of Hamilton State Bank. Depositors of McIntosh State Bank will automatically become depositors of Hamilton State Bank.
As of 31 March, 2011, McIntosh State Bank had approximately USD339.9 million in total assets and USD324.4 million in total deposits.
Hamilton State Bank will pay the FDIC a premium of 0.50 percent to assume all of the deposits of McIntosh State Bank.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD80.0 million.
McIntosh State Bank is the 46th FDIC-insured institution to fail in the USA this year and the thirteenth in Georgia.
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