Bank failure · GA

Convenant Bank & Trust (Rock Spring, GA) — failed March 23, 2012

Convenant Bank & Trust of Rock Spring, Georgia was closed on March 23, 2012 and resolved through a purchase and assumption. Stearns Bank, National Association (MN) took over its insured deposits. At failure it held $95.7M in assets and $90.6M in deposits. The FDIC's estimated loss on the failure is $30.3M (31.6% of assets).