American United Bank of Lawrenceville, Georgia, was closed today by the Georgia Department of Banking & Finance.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with Ameris Bank, Moultrie, Georgia, to assume all of the deposits of American United Bank.
According to the FDIC as of August 11, 2009, American United Bank had total assets of $111 million and total deposits of approximately $101 million. Ameris Bank will pay the FDIC a premium of 1.02 percent to assume all of the deposits of American United Bank. In addition to assuming all of the deposits of the failed bank, Ameris Bank agreed to purchase essentially all of the assets.
The FDIC and Ameris Bank entered into a loss-share transaction on approximately $92 million of American United Bank’s assets. Ameris Bank will share in the losses on the asset pools covered under the loss-share agreement.
Douglas A. McIntyre
Top Gaining Stocks
Top Losing Stocks