Hamilton State Bank, based in Hoschton, had a busy week as it paid off its TARP funds and purchased a failed bank in Bartow County.
Hamilton had recently raised over $230 million in funds to buy other banks and Friday evening, purchased all the deposits of Bartow County Bank in Cartersville.
As of December 31, 2010, Bartow County Bank had approximately $330.2 million in total assets and $304.1 million in total deposits. Hamilton State Bank will pay the FDIC a premium of 1.0 percent to assume all of the deposits of Bartow County Bank. In addition to assuming all of the deposits of the failed bank, Hamilton State Bank agreed to purchase essentially all of the assets.
On Wednesday last week, Hamilton repaid its TARP funds to the federal government. It is the third Georgia bank to repay the funds.
“From day one, our top priority has been to repay the Treasury Department’s Capital Purchase Program as soon as possible,” said Hamilton State Bank Chairman and CEO Robert Oliver. “By doing so, we have strengthened our financial standing and can move forward with our strategic growth plans.”