Washington, D.C. (AP) - Regulators have shut down a small Georgia bank, marking the 12th bank failure of 2011 following 157 closures last year amid the sagging economy and mounting bad loans.
The Federal Deposit Insurance Corp. on Friday seized American Trust Bank, based in Roswell, Ga., with $238.2 million in assets and $222.2 million in deposits. Renasant Bank, based in Tupelo, Miss., agreed to assume $147.4 million of the assets and all the deposits of the failed bank.
The failure of American Trust Bank is expected to cost the deposit insurance fund $71.5 million.
(Copyright 2011 by The Associated Press. All Rights Reserved.)