Montgomery Bank & Trust of Montgomery, Ga., failed on Friday, bringing the year’s total number of bank failures to 32. It was the sixth bank to fail in Georgia so far this year.
Before its closing, it had the highest Texas ratio — a yardstick to measure bank health, where lower is better — of any operating bank in the nation.
State regulators shuttered the bank on Friday, and the FDIC was named receiver. The FDIC, in turn, entered into an agreement with Ameris Bank, of Moultrie, Ga., to both purchase $12.4 million of the failed bank’s $173.6 million assets, and assume all $164.4 million of its deposits.
The bank had just two branches, both of which will open as Ameris Bank branches on Monday.
As is always the case with FDIC-insured bank failures, customers may continue to use their accounts usual, but they should continue to go to their old branches. As soon as systems upgrades are made, they may go to other Ameris Bank locations.