On Friday, the Georgia Department of Banking and Finance closed Satilla Community Bank, headquartered in St. Marys, Georgia, and appointed the FDIC as receiver. As receiver, the FDIC entered into a purchase agreement with Ameris Bank, headquartered in Moultrie, Georgia, to assume all of the deposits of Satilla Community Bank.
As of March 31, 2010, Satilla Community Bank had approximately $135.7 million in total assets and $134.0 million in total deposits. Ameris Bank will pay the FDIC a premium of 0.19% to assume all of the deposits of Satilla Community Bank, and agreed to purchase essentially all of the failed bank's assets. The FDIC and Ameris Bank entered into a loss-share transaction on $101.0 million of Satilla Community Bank's assets.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $31.3 million. Satilla Community Bank is the 69th FDIC-insured institution to fail in the nation this year, and the eighth in Georgia. Ameris Bank had previously acquired United Security Bank and American United Bank from the FDIC.