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Saturday, July 18, 2009 - 6:00am

Bank Closing: First Piedmont Bank

Updated: 5 years ago.

Regulators have shut down First Piedmont Bank in Georgia, the 54th federally insured bank to fail this year.

The Federal Deposit Insurance Corp. was appointed receiver of the Winder, Ga.-based bank, which had about $115 million in assets
and $109 million in deposits as of July 6.

The FDIC says all of First Piedmont's deposits will be assumed by First American Bank and Trust Co. of Athens, Ga., which also agreed to buy about $111 million of its assets. The FDIC retains the rest for eventual sale.

First Piedmont's two offices will reopen Monday as First American branches.

The 15 Georgia banks to fail since the beginning of 2008 are more than any other state. The 54 bank failures this year compare with 25 last year and three in 2007.

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