Alpharetta-based Alpha Bank and Trust was closed by the Georgia Department of Banking and Finance on Friday, and the FDIC was named as receiver of the failed bank.
Minnesota-based Stearns Bank is assuming all insured deposits under a purchase and assumption agreement.
It is the 16th bank failure of the year, and is directly tied to Alpha’s construction and land development loan portfolio. It’s also the third bank failure in Georgia since the start of the housing downturn.
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