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Integrity fails, money safe
Deposits transfer to Regions
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Forsyth County News

The Federal Deposit Insurance Corporation on Friday approved the transfer of Alpharetta-based Integrity Bank's deposits to Regions Bank.

All five of the failed bank's branches, including a location at 445 Peachtree Pkwy. in Cumming, will reopen Tuesday as branches of Regions Bank.

District 27 state Sen. Jack Murphy, a former board member of the bank, said many banks in the state "have been in trouble because of the real estate" decline.

"I'm just speculating that that's probably why the bank had the problems," he said. "But it was a surprise to me that it went under."

Murphy, who served on the board for more than three years, left in February because of time constraints.

According to the FDIC, Regions will acquire Integrity's deposits. Regions will also purchase about $34.4 million of the failed bank's assets.

The remaining assets will be retained by the FDIC for later disposition.

For Integrity customers, all money, even that which was beyond the FDIC's insurance limits, is safe and customers will continue to have uninterrupted access to their deposits, according to the FDIC.