By The Associated Press
JACKSON – The Mississippi Department of Banking and Consumer Finance closed Carthage-based Heritage Banking Group Friday, marking the state’s first bank failure of the year.
Trustmark National Bank of Jackson has agreed to assume all deposits of the bank from the Federal Deposit Insurance Corp.
The eight branches of Heritage Banking Group will reopen Monday as branches of Trustmark. Depositors of Heritage will automatically become depositors of Trustmark.
Customers who have questions about the transaction can call the FDIC at (800) 640-2607.
The FDIC estimates the failure will cost the Deposit Insurance Fund $49.1 million.
Heritage Banking Group is the 34th FDIC-insured institution to fail this year.