By First Lowndes Bank taken over by federal, state regulators
Montgomery, AL – - Regulators shut down First Lowndes Bank
of Fort Deposit on Friday and announced that First Citizens Bank of
Luverne is acquiring the bank.
The state Banking Department announced the takeover in
conjunction with the Federal Deposit Insurance Corp. State law
allows the action when a bank's capital is impaired or if an
examination of the bank indicates it is operating in an unsound
condition.
Besides its main office, First Lowndes Bank operated branches in
Hayneville, Highland Home and Greenville. The Banking Department
said all deposit accounts of First Lowndes Bank have been
transferred to First Citizens Bank and are available immediately.
First Lowndes Bank is one of 37 bank failures in the United
States this year.