Regulators have closed Frontier Bank in Georgia, bringing the total number of U.S. bank closures to four for this year after 51 closures in 2012. Frontier’s closure is the first bank failure in the state of Georgia this year.
The Federal Deposit Insurance Corp. said that state regulators closed Frontier Bank of LaGrange, Georgia on Friday. It has nine branches in Georgia and Alabama, and about $258.8 million in assets and $224.1 million in deposits. HeritageBank of the South has agreed to assume all of the deposits of Frontier Bank and purchase essentially all its assets. HeritageBank of the South is a unit of Heritage Financial Group Inc. based in Albany, Georgia.