Regulators shut small Georgia bank

June 17, 2011 - 5:28 PM

WASHINGTON (AP) — Regulators have shut down a small bank in Georgia, the 46th U.S. bank failure this year in the wake of economic distress and mounting soured loans.

The Federal Deposit Insurance Corp. on Friday seized McIntosh State Bank, based in Jackson, Ga., with $339.9 million in assets and $324.4 million in deposits. Hamilton State Bank, based in Hoschton, Ga., agreed to assume the assets and deposits of the failed bank.

The failure of McIntosh State Bank is expected to cost the deposit insurance fund $80 million.