May 18, 2013
WASHINGTON (AP) --
Regulators have shut down a small bank in
Georgia, boosting to 48 the number of U.S. bank failures this year
as the economy struggled and bad loans piled up.
The Federal Deposit Insurance Corp. on Friday seized Mountain
Heritage Bank in Clayton, Ga., with $103.7 million in assets and
$89.6 million in deposits.
First American Bank and Trust Co., based
in Athens, Ga., agreed to assume the assets and deposits of the
failed bank.
The failure of Mountain Heritage Bank is expected to cost the
deposit insurance fund $41.1 million.
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