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McIntosh State Bank of Jackson fails

McIntosh State Bank of Jackson failed and its assets sold to Hamilton State Bank of Hoschton, the FDIC announced Friday.The four branches of McIntosh State will reopen Saturday under the new ownership. It was the 13th bank to fail in Georgia this year. First National Bank of Barnesville and Zebulon failed last year. McIntosh State had $339.9 million in assets and $324.4 million in deposits as of March 31. Hamilton State acquired all deposits and the bulk of the failed bank’s assets. The FDIC estimates a loss of $80 million to its insurance fund. McIntosh State’s loan portfolio was heavily weighted in real estate but he bank aggressively shrank its loan book as the real estate market soured. More than 40 percent of McIntosh State’s assets were delinquent, in default or foreclosed at the end of first quarter this year, according to an analysis by FIG Partners in Atlanta.

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