WASHINGTON (AP) — Federal regulators have closed a small bank in Georgia, bringing the number of U.S. banks that have failed so far this year to 32.
The Federal Deposit Insurance Corp. said Friday that it seized Montgomery Bank & Trust, based in Ailey. The bank, which had two branches, had about $173.6 million in assets and $164.4 million in deposits as of March 31.
Ameris Bank of Moultrie, Ga., agreed to take over the failed bank's deposits and purchase $12.4 million of its assets.
Montgomery Bank & Trust is the sixth FDIC-insured institution in Georgia to fail this year. The FDIC said it will retain the bank's remaining assets for later sale. Regulators estimate that the bank's failure will cost the insurance fund $75.2 million.