From the Atlanta Business Chronicle, Integrity Bank Fails, Bought By Regions Financial:
Integrity Bank’s skyrocket run as the fastest-growing bank in Georgia history, fueled by housing construction, has ended in failure.
Birmingham, Ala.-based Regions Financial Corp. (NYSE: RF) late Friday acquired the deposits for the Alpharetta, Ga.-based community bank in the 10th bank U.S. bank failure this year, according to a late Friday press release from the Federal Deposit Insurance Corp. Integrity Bank operates five branches in metro Atlanta, primarily in the city’s affluent north suburbs….
Regions Financial is also buying $34.4 million in cash and other assets from the failed bank. The FDIC estimates the cost to liquidate bad assets it assumes from Integrity Bank will be $250 million to $350 million.