First bank failure of the year in Georgia hits Eastside Commercial

Eastside Commercial Bank became the first bank closure of the year in Georgia early Friday afternoon.<br /> <br /> According to a release by the Federal Deposit Insurance Corporation, the Georgia Department of Banking and Finance closed the small bank that had long been on a watch-list of troubled banks.<br /> <br /> The bank's two branches, located in Conyers and Duluth, have been acquired by Atlanta-based Community and Southern Bank, while Macon-based State Bank and Trust has purchased Eastside's outstanding loans.<br /> <br /> The FDIC estimates that the move will cost the Deposit Insurance Fund approximately $33.9-million.<br /> <br /> The agency it was the 13th bank failure nationwide this yeare.