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Published: Aug 30, 2008 12:30 AM Modified: Aug 30, 2008 02:04 AM Integrity Bank of Georgia fails The Associate Press Comment on this story
ATLANTA - Integrity Bank of Alpharetta, Ga., on Friday became the 10th U.S. bank to fail so far this year. Regions Bank of Birmingham, Ala., is assuming all of Integrity Bank's $974 million in insured and uninsured deposits in 23,000 accounts and about $34.4 million of the bank's $1.1 billion in assets. The remainder of Integrity's assets are being retained by the FDIC. The FDIC estimates that Integrity's failure will cost its deposit insurance fund $250 million to $350 million.
Integrity, which opened for business in November 2000, specialized in real estate lending in the Atlanta area with a self-described "faith-based culture."
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