Braselton-basd Bank Shut Down by Regulators
A South Carolina bank will take over Hometown Community Bank’s $108.9 million in deposits and essentially all of its $124.6 million in assets.
Hometown Community Bank, which has two locations in Braselton, has been shut down, according to a report by the Atlanta Business Chronicle.
The Federal Deposit Insurance Corp. and Georgia Department of Banking and Finance shut down the local bank Friday evening, and the report says CertusBank of Easley, S.C., will take over Hometown Community Bank’s $108.9 million in deposits and essentially all of its $124.6 million in assets.
The Associated Press reports this brings the number of U.S. bank failures this year to 50, and the failure of Hometown Community Bank is expected to cost the deposit insurance fund $36.7 million. The bank is the 10th FDIC-insured institution to fail in Georgia this year, the report says.