Published May 23, 2011
CertusBank NA of Easley on Friday acquired Atlantic Southern Bank of Macon, Ga., and First Georgia Banking Co. of Franklin, Ga., picking up nearly $1.5 billion in assets through a transaction discounted by the Federal Deposit Insurance Corp.
Both Georgia banks were closed by the Georgia Department of Banking and Finance. The banks’ 26 branches reopened Saturday as CertusBank.
CertusBank became the first banking unit of the Charlotte, N.C. investment group Blue Ridge Holdings Inc. in January when the group bought Easley’s CommunitySouth Bank and Trust in transaction assisted by the FDIC. Bank executives previously said the intend to become a $5 billion institution in two years.
As of March 31, Atlantic Southern Bank had total assets of $741.9 million and total deposits of $707.6 million; and First Georgia Banking Company had total assets of $731.0 million and total deposits of $702.2 million.
The FDIC and CertusBank entered into loss-share transactions on the failed banks' assets. The loss-share transaction for Atlantic Southern Bank was $585.1 million, and the loss-share transaction for First Georgia Banking Company was $452.1 million.
The FDIC estimates that the cost to the Deposit Insurance Fund for Atlantic Southern Bank will be $273.5 million and for First Georgia Banking Company, $156.5 million.
So far this year, 42 banks in the country have failed, and 12 of them were in Georgia, the FDIC said.