Feds close small bank, brings 2012 to­tal to 12

The Washington Times Daily - - Politics -

Reg­u­la­tors have closed a small bank in Ge­or­gia, bring­ing to 12 the num­ber of U.S. bank fail­ures this year.

The pace of bank fail­ures has slowed markedly, how­ever. By this time last year, 23 had been shut­tered.

The Fed­eral De­posit In­sur­ance Corp. on Fri­day closed Global Com­merce Bank in Do­rav­ille, with $143.7 mil­lion in as­sets and $116.8 mil­lion in de­posits.

Metro City Bank, also of Do­rav­ille, agreed to as­sume all of Global Com­merce Bank’s de­posits and about $79 mil­lion of the failed bank’s as­sets.

As a re­sult, the three branches of Global Com­merce Bank will re­open as branches of Metro City Bank.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.