Community Capital Bank became the state's 22nd financial institution to fail this year when it closed recently, but it has reopened as State Bank and Trust.
The bank, which closed Friday, operated branches in Morrow and Fayetteville, and will continue to conduct business as usual, said State Bank and Trust Marketing Director Tom Woodbery.
"Everything will continue to operate for customers as they did before Friday, checks, debit cards, ATMs, loans, online banking," he said. "We want to make sure there is a smooth transition."
Nothing will change right away for the two branches' workers, estimated to be fewer than 35.
"It is too early to know what will happen," said Woodbery. "We're going through due diligence. It will take several months to evaluate the people and the marketplace."
Management met with employees Friday to walk them through the process and what could happen in the coming months.
Officials with the Federal Deposit Insurance Corp., said depositors of Community Capital Bank will automatically become depositors of State Bank and Trust. Deposits will continue to be insured by the FDIC.
State Bank and Trust is headquartered in Macon, but the newly-acquired branches will fall under the holding company's Atlanta office.
"We consider Morrow and Fayetteville to be part of our Atlanta franchise," said Woodbery. "We have two primary focuses, Macon and Atlanta."
State Bank and Trust acquired the state's fourth-largest lender, Macon-based Security Bank, in 2009. On Oct. 11, State Bank and Trust took over Piedmont Community Bank, which operated branches in Macon and Gray.
As of June 30, 2011, Community Capital had about $181.2 million in total assets, and $166.2 million in total deposits, according to the FDIC. The FDIC and State Bank and Trust entered into a loss-share transaction on $141.3 million of Community Capital's assets. State Bank and Trust will share in the losses on the asset pools covered under the loss-share agreement.
FDIC officials estimated the loss to cost the Deposit Insurance Fund $62 million, but pointed out the acquisition is the least-costly resolution.
Woodbery said State Bank and Trust is a thriving institution.
"We are growing in metro Atlanta and will continue to grow," he said. "I think there will be job opportunities, but I don't know yet. We will need to figure out our needs and the abilities of our employees."