The Federal Deposit Insurance Corporation said the federally insured deposits held by the company will be acquired by Stearns Bank of Minnesota. Alpha Bank will operate as Branches of Stearns Bank. All customers of the bank will be able to access accounts through ATM cards, checks and deposits.
Bloomberg.com reports that Alpha Bank is the second Alpharetta-based bank closed by the government this year. In August, Integrity Bank was closed after failing to raise $40 million to cover losses on residential and commercial development loans. There was no mention of what caused the bank's closure.