Integrity Bank Fails, Regions Bank Taking Over

August 29, 2008 7:05 p.m. EST

Atlanta, GA (AHN) - Integrity Bank was once dubbed the fastest growing bank in Georgia history. Now, the bank has become the 10th U.S. bank to fail in 2008.

Integrity Bank, located in Alpharetta, will be taken over by Regions Financial Corp. Regions, located in Birmingham, AL, will take on $974 million in insured and uninsured deposits from Integrity. Regions will also purchase roughly $34.4 million of Integrity's assets.

"We felt it was important to assume both insured and uninsured deposits, and we believe it is our responsibility as a leading national institution to work with and support the FDIC in providing safe harbors for depositors in this challenging time," said Regions Chairman and CEO Dowd Ritter, according to the Associated Press.

The FDIC estimated a $250 to $350 million hit to its insurance deposit fund to digest the Integrity failure.

Integrity branches will re-open as Regions Bank branches after the Labor Day holiday.