Alpharetta Bank Closes

ALPHARETTA -- Integrity Bank's closure Aug. 29 after failing due to bad construction loans coupled with falling real estate value has not jeopardized depositor's money.Regions Bank bought the more than $900 million in deposits of 23,000 customers of the Alpharetta-based bank, including deposits above the insurance limits set by the Federal Deposit Insurance Corp.Regions reopened Integrity's five bank branches – in Alpharetta, Roswell, Cumming, Duluth and Vinings – Tuesday morning under its own banners.Regions has agreed to pay a total premium of 1.012 percent for the failed bank's deposits. In addition, Regions Bank will purchase approximately $34.4 million of Integrity Bank's assets, consisting of cash and cash equivalents. The FDIC will retain the remaining assets for later disposition.