FDIC shutters Jasper Banking Company

JASPER - Federal banking authorities closed the doors of another Georgia bank on Friday, marking the ninth such seizure in Georgia this year.

Jasper Banking Company, Jasper, Georgia, was shuttered by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC entered into a purchase and assumption agreement with Stearns Bank National Association of St. Cloud, Minnesota, to assume all of the deposits of Jasper Banking Company.

The three branches of Jasper Banking Company will reopen on Saturday as branches of Stearns Bank National Association.

According to a press release from the FDIC, depositors of Jasper Banking Company can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of March 31, 2012, Jasper Banking Company had approximately $216.7 million in total assets and $213.1 million in total deposits. In addition to assuming all of the deposits of the failed bank, Stearns Bank National Association agreed to purchase essentially all of the assets.