# 48 -- another bank in GEORGIA!!! (#14)

In addition to rotting crops, Georgia leads the USA in FAILED BANKS. Perhaps we should allow them to leave the union. The only problem with that is -- they would apply for foreign aid, get the money, and STILL hate the USA. Hmmmm!
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First American Bank and Trust Company, Athens, Georgia, Assumes All of the Deposits of Mountain Heritage Bank, Clayton, Georgia

FOR IMMEDIATE RELEASE
June 24, 2011
Media Contact:
LaJuan Williams-Young
Office: 202-898-3876
E-mail: lwilliams-young@fdic.gov

Mountain Heritage Bank, Clayton, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First American Bank and Trust Company, Athens, Georgia, to assume all of the deposits of Mountain Heritage Bank.

The two branches of Mountain Heritage Bank will reopen during normal business hours as branches of First American Bank and Trust Company. Depositors of Mountain Heritage Bank will automatically become depositors of First American Bank and Trust Company. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of Mountain Heritage Bank should continue to use their existing branch until they receive notice from First American Bank and Trust Company that it has completed systems changes to allow other First American Bank and Trust Company branches to process their accounts as well.

This evening and over the weekend, depositors of Mountain Heritage Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of March 31, 2011, Mountain Heritage Bank had approximately $103.7 million in total assets and $89.6 million in total deposits. In addition to assuming all of the deposits of the failed bank, First American Bank and Trust Company agreed to purchase essentially all of the assets.

The FDIC and First American Bank and Trust Company entered into a loss-share transaction on $69.2 million of Mountain Heritage Bank's assets. First American Bank and Trust Company will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers with questions about today's transaction should call the FDIC toll-free at 1-800-823-5346. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/mountain.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $41.1 million. Compared to other alternatives, First American Bank and Trust Company's acquisition was the least costly resolution for the FDIC's DIF. Mountain Heritage Bank is the 48th FDIC-insured institution to fail in the nation this year, and the fourteenth in Georgia. The last FDIC-insured institution closed in the state was McIntosh State Bank, Jackson, on June 17, 2011