The Georgia Department of Banking and Finance has closed a failed bank based in LaGrange, and its assets have been acquired by Heritage Bank of the South, based in Albany.
In a release, FDIC spokesman Greg Hernandez says Frontier Bank accounts will automatically be transferred to Heritage Bank, and deposits will continue being insured by the FDIC. The circumstances leading to the bank’s failure were unclear Friday night.
Hernandez says loan customers should continue making payments as usual. Customers will be able to access money by using ATM or debit cards, and by writing checks during the transition.
Hernandez says Frontier is the nation’s fourth FDIC-insured institution to fail this year, and the first in Georgia. Hernandez says Hometown Community Bank in Braselton failed on Nov. 16, 2012.