Friday, October 24, 2008

Stearns Bank Takes Over Failed Atlanta Bank

The State of Georgia has shut down a failed suburban Atlanta Bank. The Georgia Department of Banking and Finance closed the two branches of Alpha Bank and Trust in Alpharetta on Friday. The Federal Deposit Insurance Corporation has transferred all accounts to Stearns Bank based in St. Cloud, Minnesota. It will be business as usual for most of the bank's customers because they are covered by FDIC insurance. But 59 of Alpha's Bank accounts whose assets total $3.1 million dollars exceed the federal limit of $250,000. It's the 16th FDIC-insured bank closure this year in the U.S. and the most recent in Georgia since August. The FDIC said the two Alpha locations will reopen on Monday as branches of Stearns Bank. The disposition of deposits exceeding the $250,000 limit was not immediately determined.

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