Today, the OTS closed ebank, headquartered in Atlanta, Georgia, and the FDIC was named as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Stearns Bank, N.A., headquartered in St. Cloud, Minnesota, to assume all the deposits of ebank.

As of June 10, 2009, ebank had total assets of $143 million and total deposits of approximately $130 million. Sterns Bank, N.A., agreed to purchase nearly all of the failed bank’s assets and entered into a loss-share transaction with the FDIC on approximately $111 million of ebank’s assets.

The FDIC estimates that the cost to the Deposit Insurance Fund will be $63 million. ebank is the 78th bank to fail in the nation this year and the 17th in Georgia.