- Bank of the Ozarks Assumes All of the Deposits of Unity National Bank
- April 8, 2010
- Law Firm: Alston & Bird LLP - Atlanta Office
On Friday, the OCC closed Unity National Bank, headquartered in Cartersville, Georgia, and the FDIC was named receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Bank of the Ozarks, headquartered in Little Rock, Arkansas, to assume all of the deposits of Unity National Bank.
As of December 31, 2009, Unity National Bank had approximately $292.2 million in total assets and $264.3 million in total deposits. Bank of the Ozarks did not pay the FDIC a premium to assume all of the deposits of Unity National Bank, but did agree to purchase essentially all of the failed bank's assets. The FDIC and Bank of the Ozarks entered into a loss-share transaction on $206.1 million of Unity National Bank's assets.
The FDIC estimates that the cost to the Deposit Insurance Fund will be $67.2 million. Unity National Bank is the 41st FDIC-insured institution to fail in the nation this year, and the seventh in Georgia. The last FDIC-insured institution closed in the state was McIntosh Commercial Bank earlier on Friday.