The Georgia Department of Banking and Finance took possession of The Peoples Bank, Winder, Friday evening.
Through an agreement with the FDIC, The Peoples Bank will be acquired by Community & Southern Bank, Carrollton. It was one of five banks to fail in Georgia this week.
The Peoples Bank had total assets of $447.2 million and total deposits of $398.2 million.
The Superior Court of Barrow County issued an Order appointing the Federal Deposit Insurance Corporation (“FDIC”) as Receiver of the Bank effective upon the Department taking possession of The Peoples Bank.
The troubled bank is Barrow County's oldest and largest financial institution and has much of the local banking market share. The housing bust and economic downturn had hit the bank hard.
It is the fourth bank with connections in Winder to fail. Winder-based First Piedmont closed last year; Commerce-based Freedom closed its Winder facility in 2008; and Community Bank & Trust out of Cornelia but with a major Barrow County branch failed earlier this year. Like Peoples Bank, the other banks also had buyers.
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