Regulators say they have closed a bank in Georgia, bringing to 50 the number of U.S. bank failures this year.
The Federal Deposit Insurance Corp. on Friday seized Hometown Community Bank, based in Braselton, Ga.
The bank had roughly $124.6 million in assets and $108.9 million in deposits as of Sept. 30.
CertusBank NA, based in Easley, S.C., agreed to assume all the deposits and buy essentially all the assets of the failed bank.
The failure of Hometown Community Bank is expected to cost the deposit insurance fund $36.7 million.
Hometown Community Bank, which had two branches, is the tenth FDIC-insured institution to fail in Georgia this year.