FIs closed: New Horizons Bank, East Ellijay, Georgia, USA
On Friday, April 15, 2011, New Horizons Bank, East Ellijay, Georgia 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 Citizens South Bank, Gastonia, North Carolina, to assume all of the deposits of New Horizons Bank.
The sole branch of New Horizons Bank will reopen on Monday (today) as a branch of Citizens South Bank.
As of 31 December, 2010, New Horizons Bank had approximately USD110.7 million in total assets and USd106.1 million in total deposits.
Citizens South Bank will pay the FDIC a premium of 1.0 percent to assume all of the deposits of New Horizons Bank.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD30.9 million. New Horizons Bank is the 30th FDIC-insured institution to fail in the USA this year and the eighth in Georgia.
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