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FDIC Announces Two Bank Failures Friday

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WASHINGTON (4/30/13)--The Federal Deposit Insurance Corp. announced Friday that two U.S. banks were closed and their assets assumed by other banks. The two failures bring this year's bank failures to 10.

Douglas County Bank, Douglasville, Ga., was assumed by Hamilton State Bank, Hoschton, Ga. As of Dec. 31, Douglas County Bank had roughly $316.5 million in total assets and $314.3 million in total deposits. FDIC estimates the failure will cost the Deposit Insurance Fund $86.4 million.

Parkway Bank, Lenoir, N.C., was assumed by Certus Bank, N.A., Easley, S.C. The cost of the failure will be $18.1 million, FDIC estimates. Parkway Bank had roughly $108.6 million in total assets and $103.7 in total deposits.