WASHINGTON (AP) — Regulators have closed a small lender in Georgia, making it the third U.S. bank failure of 2015 following 18 closures last year.
The Federal Deposit Insurance Corp. said Friday that it has taken over Capitol City Bank & Trust Co., based in Atlanta.
The bank operated eight branches and had $272.3 million in assets and $262.7 million in deposits as of Dec. 31.
First-Citizens Bank & Trust Co., based in Raleigh, North Carolina, agreed to assume all of Capitol City Bank's deposits and to buy essentially all of the failed bank's assets.
The failure of Capitol City Bank is expected to cost the federal deposit insurance fund $88.9 million.
U.S. bank failures have been declining since peaking at 157 in 2010 following the financial crisis and the Great Recession.