First Piedmont Bank in Georgia closed: FDIC

WASHINGTON (Reuters) - U.S. bank regulators closed First Piedmont Bank of Winder, Georgia, on Friday, the 54th financial institution to be seized this year.

The Federal Deposit Insurance Corp said First Piedmont Bank had $115 million in assets and about $109 million in deposits. The failure is expected to cost the FDIC deposit insurance fund an estimated $29 million.

First American Bank and Trust Co of Athens, Georgia, agreed to assume all the deposits of First Piedmont Bank, whose two offices will reopen on Monday as branches of First American Bank and Trust Co.

(Reporting by Richard Cowan; Editing by Tim Dobbyn)