Synovus Financial Corp. is taking over the deposits of the failed Sunrise Bank, which has three branches in Atlanta, Valdosta, Ga., and Jeffersonville, Ga., the Federal Deposit Insurance Corp. said Friday.
The small community bank, with about $54 million in deposits, was closed by the Georgia Department of Banking and Finance on Friday, prompting the deal between the FDIC and Columbus-based Synovus, parent company of Columbus Bank and Trust Co.
“We welcome Sunrise customers and want them to know we stand ready to help them through this transition,” Synovus Chairman and Chief Executive Officer Kessell Stelling said in a statement.
Sunrise customers will automatically become depositors with Synovus Bank, the FDIC said, but continue to use their former Sunrise branches temporarily as the smaller financial institution is absorbed into Synovus, which has 280 branches in five states. Deposits will continue to be insured by the FDIC up to applicable limits.
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Eventually, the former Sunrise customers will be converted to the Synovus system so that they may use any of its branches and 400 ATMs. This weekend, customers can still use their old branch ATMs, write checks and use debit cards normally, the agency said. They should also continue to make any scheduled payments.
Synovus said the customers are being absorbed into various Synovus divisions — Bank of North Georgia in Atlanta, CB&T of Middle Georgia in Warner Robins and First State Bank and Trust Co. in Valdosta.
Once the conversion is completed, the old Sunrise Bank branches will be closed.
As of March 31, Sunrise Bank had $60.8 million in total assets and $57.8 million in deposits. The FDIC said Synovus, as part of the deal, has also agreed to buy Sunrise assets of about $13.2 million. The rest of the assets will be disposed of at a later date.
Sunrise is the 12th bank insured by the FDIC to be shuttered this year in the U.S., and the third in Georgia.
Anyone with questions can contact the agency at 1-800-508-8289.