Patriot Bank customers with questions about Friday’s developments can contact the FDIC at (800) 323-6111 or go online at www.fdic.gov/bank/individual/failed/patriot.html.
Patriot Bank was closed Friday by the Georgia Department of Banking and Finance, according to a news release from the Federal Deposit Insurance Corp.
The bank had one location on Hwy. 141 in south Forsyth.
According to the news release, the FDIC has entered into a purchase and assumption agreement with Georgia Commerce Bank, which has agreed to purchase essentially all of Patriot’s nearly $151 million in total assets and $111 million in total deposits.
Due to the Labor Day holiday, Patriot Bank will reopen Tuesday as a branch of Georgia Commerce Bank.
Depositors will automatically become depositors of Georgia Commerce Bank, with deposits continuing to be insured by the FDIC.
Customers should continue to use their existing branches until they receive notice from Georgia Commerce Bank that it has completed system changes to allow other branches to process their accounts as well.
Loan customers should continue to make their payments as usual.