Valdosta bank closes down - WALB.com, South Georgia News, Weather, Sports

Valdosta bank closes down

President and CEO of First State Bank President and CEO of First State Bank
VALDOSTA, GA (WALB) -

A troubled Valdosta bank that was shut down by the government Friday, was officially taken over by another Georgia bank today.

The Georgia Department of Banking and Finance closed Sunrise bank after years of financial trouble.

Synovus purchased Sunrise's failed assets for 13-million dollars and reopened the Valdosta branch as First State Bank and Trust Company locations.

The banks other locations are in Atlanta and Jeffersonville.

 As of the end of March, Sunrise had about $60 million in assets and almost $58 million in total deposits.

"It's a good business deal and it helps the community on top of that because you've protected the depositors and they won't lose any money; even uninsured depositors get protected through this process," said Bill Cowart, President and CEO of First State Bank.

The Woodrow Wilson Drive location will close in 60 to 90 days.

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