Metro City Bank Takes Over Failed Bank

A Doraville-based bank Metro City Bank, with branches in Suwanee, and Johns Creek, has taken over Doraville-based Global Commerce Bank, which was closed Friday by the Georgia Department of Banking and Finance. Global Commerce Bank had branches in Johns Creek and Norcross.

The three branches of Global Commerce Bank will reopen during their normal business hours beginning Saturday as branches of Metro City Bank, according to a press release issued by the Federal Deposit Insurance Corporation (FDIC). Depositors of Global Commerce Bank will automatically become depositors of Metro City Bank. Deposits will continue to be insured by the FDIC.

Customers of Global Commerce Bank should continue to use their existing branch until they receive notice from Metro City Bank that it has completed systems changes to allow other Metro City Bank branches to process their accounts as well.

Global Commerce Bank depositors can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of Dec. 31, 2011, Global Commerce Bank had approximately $143.7 million in total assets and $116.8 million in total deposits. In addition to assuming all of the deposits of the failed bank, Metro City Bank agreed to purchase approximately $79.0 million of the failed bank's assets. The FDIC will retain the remaining assets for later disposition.

Global Commerce Bank customers with questions should call the FDIC toll-free at 1-800-523-8159. The phone number will be operational on Saturday from 9 a.m.-6 p.m. EST, Sunday from noon to 6 p.m., Monday from 8 a.m.-8 p.m., and thereafter from 9 a.m.-5 p.m.

Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/global.html.