Associated Press Release
VALDOSTA, Ga. (AP) -- The Georgia Department of Banking and Finance has shut down a Valdosta-based bank and transferred its assets to another one in based in Columbus.
Officials Friday said Sunrise Bank's three branches have been closed and will reopen Saturday as Synovus Bank branches. LaJuan Williams-Young, department spokesman, says customer accounts will automatically be transferred to Synovus Bank and customers are not expected to experience any disruptions in service.
Synovus has agreed to purchase about $13.2 million of the bank's failed assets.
Officials say deposits by Sunrise Bank customers will continue being insured by the Federal Deposit Insurance Corp.