Formerly Frontier Bank, the prominent Broadway Avenue location will shut its doors Aug. 16.
“It was not a decision we made lightly, but we believe it is in the best interest of the company and the community,” said Mary Beth Hobby, HeritageBank vice president of marketing.
In a letter to customers, the Albany, Ga.-based company said it “determined the operating cost of the branch exceeds the revenue potential.” All customer accounts will be transferred to the James Payton Boulevard location off U.S. 280, where the bank says it is “confident this branch will be able to service all your banking needs.”
HeritageBank of the South acquired Frontier Bank’s nine branches when it was closed by the Georgia Department of Banking and Finance in March. The department stated that it took possession of Frontier Bank in accordance with state code, which allows such action when any state-chartered financial institution is “either insolvent or operating in an unsafe or unsound condition to transact its business, is operating in violation of any court order, statute, rule or regulation, or requests the Department to take possession of its business and property.”
According to FDIC, Frontier Bank had approximately $258.8 million in total assets and $224.1 million in total deposits as of December 31, 2012. It was the first FDIC-insured institution to fail in Georgia this year.
Other Frontier Bank branches now operating as HeritageBank of the South are in Childersburg, Valley, Auburn, Chelsea, Pelham and Vincent. HeritageBank of the South has about 30 locations throughout Alabama, Georgia and Florida. For more information, contact the bank at 866-216-0948.
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