Citizens South Bank of Gastonia, N.C., reopened the lone branch of the New Horizons Bank in East Ellijay, Ga., on Monday, three days after bank regulators seized control of the failed New Horizons Bank.
The Federal Deposit Insurance Corp., which insures bank deposits and regulates banks, estimates it will lose $30.9 million from New Horizons’ collapse.
Citizens South acquired the bulk of the bank’s $110.7 million in assets and all its $106.1 million in deposits, but Citizens South and the FDIC will share in the expected loan losses from the failed bank.
In addition to the Ellijay bank, regulators last week also closed another and even bigger North Georgia bank – the $330 million-asset Bartow County Bank of Cartersville, Ga.
Hamilton State Bank of Hoschton took over the four branches of the failed Bartow County Bank on Saturday.
The two North Georgia bank failures bring to eight the number of bank failures this year in Georgia – the highest state for bank failures, according to the FDIC.