Regulators in Georgia closed the $217-million-asset Jasper Banking, which became the industry's 39th bank to fail this year.
Friday's closure was the ninth failure in Georgia this year. The failed bank, located in Jasper, will reopen Saturday under the banner of Stearns Bank out of St. Cloud, Minn.
In a deal with the Federal Deposit Insurance Corp., Stearns agreed to assume all of Jasper Banking Co.'s $213 in deposits and acquire roughly all of its assets. The FDIC and Stearns also agreed to share losses on $106 million of those assets.
The failure is estimated to cost the FDIC just over $58 million.
Stearns has been one of the busiest failed-bank acquirers. Stearns has acquired seven banks in Arizona, Florida, Georgia and Minnesota since 2008, including Georgia's Covenant Bank in March.
