Jasper Banking Company, of Jasper, Ga., was shuttered by state regulators Friday. The FDIC was named receiver.
The federal agency found Stearns Bank National Association, of St. Cloud, Minn., to assume the deposits of the failed bank and purchase its assets. This is Stearns Bank’s second bank failure acquisition this year, and its second in Georgia — it purchased Covenant Bank & Trust, of Rock Spring, Ga., in March when that bank failed. It has purchased a total of eight banks since 2008.
Jasper Banking Company had just three branches, all of which will open on Saturday as Stearns Bank branches. Customers of Jasper Bank should continue to go to their old branch. After necessary systems updates are made, they may go to other Stearns Bank branches.
Jasper Banking Company had $216.7 million in assets and $213.1 million in deposits. Stearns bank has agreed to purchase all the assets and assume all the deposits.
The failure will cost the Deposit Insurance Fund a total of $58.1 million.
This is the ninth bank failure this year in Georgia, and the 39th in the United States.