Savannah Bank, National Association Assumes All Deposits Of First National Bank

The Savannah Bank, National Association has assumed all of the deposits of First National Bank, Savannah, Georgia, after First National Bank was closed by the Office of the Comptroller of the Currency, which appointed Federal Deposit Insurance Corporation (FDIC) as receiver.

To protect the depositors, the FDIC entered into a purchase and assumption agreement with The Savannah Bank, National Association (NA), to assume all of the deposits of First National Bank.

According to FDIC, the four branches of First National Bank will function as branches of The Savannah Bank, NA. Depositors of First National Bank will automatically become depositors of The Savannah Bank, NA. Deposits will continue to be insured by the FDIC.

As of March 31, 2010, First National Bank had approximately $252.5m in total assets and $231.9m in total deposits. The Savannah Bank, NA will pay the FDIC a premium of 0.11% to assume all of the deposits of First National Bank.

In addition to assuming all of the deposits of the failed bank, The Savannah Bank, NA agreed to purchase some of the assets. The FDIC as receiver will retain most of the assets from First National Bank for later disposition.