Closed Georgia Bank has Missing Official

By: Associated Press Email

Posted: Sun 9:30 AM, Jul 08, 2012

AILEY, Ga. -- July 8, 2012

A South Georgia bank closed by federal regulators has a missing board member who's accused of millions in fraud.

The Federal Deposit Insurance Corp. said it seized Montgomery Bank & Trust in Ailey on Friday. The U.S. attorney's office said missing director Aubrey Lee Price has been charged with wire fraud involving the embezzlement of $17 million from the bank. Price controlled the bank's investments before disappearing last month. He was last seen on a ferry leaving Key West, Florida, for Fort Myers.

The FDIC said Montgomery Bank was acquired by Moultrie-based Ameris Bank and its two branches will reopen Monday. Ameris is assuming all of the bank's $164 million in deposits and the FDIC is retaining the bulk of the failed bank's $173 million in assets.

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