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The Georgia Department of Banking and Finance on March 19 shuttered Hiawassee, Ga.-based Bank of Hiawassee, a unit of Chatuge Bank Shares Inc., and appointed the FDIC receiver in a failure with an estimated cost to the federal regulator's deposit insurance fund of $137.7 million, according to a news release issued the same day.
The FDIC, in turn, entered into a purchase and assumption agreement with Gastonia, N.C.-based Citizens South Bank, a unit of Citizens South Banking Corp., under which Citizens South Bank will assume all the deposits of the failed bank, paying the federal agency a...