Another Friday, another Georgia Bank is closed:
Acworth-based NorthWest was acquired by State Bank & Trust under a loss-share agreement with the Federal Deposit Insurance Corp. NorthWest’s branch in Acworth will reopen Saturday under the State Bank flag. A Marietta branch reopens Monday.
State Bank, based in Macon, will assume essentially all of NorthWest’s $167.7 million in assets and $159.4 million in deposits. The FDIC estimates the failure will cost its insurance fund $39.8 million