FIs Closed: Mountain Heritage Bank, Clayton, Georgia, USA
On Friday, 24 June, 2011, Mountain Heritage Bank, Clayton, 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 First American Bank and Trust Company, Athens, Georgia, to assume all of the deposits of Mountain Heritage Bank.
The two branches of Mountain Heritage Bank will reopen during normal business hours as branches of First American Bank and Trust Company.
Depositors of Mountain Heritage Bank will automatically become depositors of First American Bank and Trust Company.
As of 31 March, 2011, Mountain Heritage Bank had approximately USD103.7 million in total assets and USD89.6 million in total deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD41.1 million.
Mountain Heritage Bank is the 48th FDIC-insured institution to fail in the USA this year and the fourteenth in Georgia.
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