Regulators have abruptly shuttered the doors of a Georgia-based bank in the second bank failure of the year.
The Federal Deposit Insurance Corporation (FDIC) says the Georgia Department of Banking and Finance has closed the Community Bank and Trust – West Georgia of LaGrange.
The FDIC says it has been appointed as the receiver and has entered into an agreement with Anchor Bank of Palm Beach Gardens, which will assume all insured deposits while acquiring certain assets of the bank.
“The three branches of Community Bank and Trust – West Georgia will reopen as branches of Anchor Bank during its normal business hours on Monday, May 4, 2026. Depositors of Community Bank and Trust – West Georgia will automatically become depositors of Anchor Bank. The deposits assumed by Anchor Bank will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship.”
Anchor Bank is a Florida-based bank with $606.94 million in assets and about $477 million in deposits.
The FDIC did not explain why the Community Bank and Trust – West Georgia of LaGrange failed. The regulator projects that the failure will cost the agency’s Deposit Insurance Fund (DIF) roughly $97 million. The figure is likely to change over time as assets are sold.
In January, the US saw its first bank failure of 2026 after the Metropolitan Capital Bank & Trust was abruptly closed by the Illinois Department of Financial and Professional Regulation (IDFPR).
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