The Georgia Department of Banking & Finance has appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.
As of 31 December 2011, Central Bank of Georgia had $278.9m in total assets and $266.6m in total deposits and five branches in Ellaville, Buena Vista, Cusseta, Butler and Macon.
The FDIC also entered into a loss-share transaction with Ameris Bank on $192.8m of Central Bank of Georgia’s assets and estimates that the cost to the Deposit Insurance Fund will be $67.5m.
Ameris Bank CEO Edwin Hortman said that the company appreciates the opportunity to welcome customers and employees of Central Bank of Georgia to its family.
"Customers can be confident that their deposits are safe and readily accessible," Hortman said.
