United Americas Bank, National Association, Atlanta, Georgia

United Americas Bank, National Association, Atlanta, Georgia, makes it 155 ailing banks shuttered by the FDIC in 2010 at an estimated cost to it’s Deposit Insurance Fund (DIF) of $75.8 million.

United Americas Bank, National Association, Atlanta, Georgia, was closed today by The Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with State Bank and Trust Company, Macon, Georgia, to assume all of the deposits of United Americas Bank, N.A.

The two branches of United Americas Bank, N.A. will reopen during normal business hours beginning Saturday as branches of State Bank and Trust Company. Depositors of United Americas Bank, N.A. will automatically become depositors of State Bank and Trust Company. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage up to applicable limits. Customers of United Americas Bank, N.A. should continue to use their existing branch until they receive notice from State Bank and Trust Company that it has completed systems changes to allow other State Bank and Trust Company branches to process their accounts as well.

This evening and over the weekend, depositors of United Americas Bank, N.A. can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of September 30, 2010, United Americas Bank, N.A. had approximately $242.3 million in total assets and $193.8 million in total deposits. State Bank and Trust Company did not pay the FDIC a premium for the deposits of United Americas Bank, N.A. In addition to assuming all of the deposits of the failed bank, State Bank and Trust Company agreed to purchase essentially all of the assets.

The FDIC and State Bank and Trust Company entered into a loss-share transaction on $195.8 million of United Americas Bank, N.A.’s assets. State Bank and Trust Company will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-405-1498. The phone number will be operational this evening until 9:00 p.m., Eastern Standard Time (EST); on Saturday from 9:00 a.m. to 6:00 p.m., EST; on Sunday from noon to 6:00 p.m., EST; and thereafter from 8:00 a.m. to 8:00 p.m., EST.

If you have any further questions please do not hesitate to visit the FDIC Website for United Americas Bank.