Business

Macon-based State Bank to acquire another failed bank

Macon-based State Bank and Trust Co. has agreed to acquire the assets and deposits of Atlanta-based United Americas Bank.

The transaction took place at the close of business Friday after regulators closed United Americas and the Federal Deposit Insurance Corp. was named receiver, according to a news release. The FDIC then approved the acquisition by State Bank, which includes all deposits as well as certain loans and other assets.

As of Sept. 30, United Americas had about $242 million in total assets and total deposits of about $193.8 million, the release stated.

United America customers will continue to use their existing branches, checks, ATM and debit cards. Branches will be open during their normal days and hours.

This transaction marks the second acquisition for State Bank this year and its 10th acquisition overall since acquiring the deposits and certain assets of the six bank subsidiaries of Security Bank Corp. in July 2009.

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