HeritageBank Assumes All Deposits of Frontier Bank
According to a Federal Deposit Insurance Corporation (FDIC) press release, LaGrange, GA-based Frontier Bank was closed Friday, March 8 by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with HeritageBank of the South to assume all of the deposits of Frontier Bank.
The nine branches of Frontier Bank reopened over the weekend during normal business hours as branches of HeritageBank. Depositors of Frontier Bank will automatically become depositors of HeritageBank.
The FDIC advises Frontier Bank customers to continue using their existing branch until they receive notice from HeritageBank that it completed systems changes to allow other HeritageBank branches to process their accounts as well.
To read the full release, click here.