From the Atlanta Business Chronicle:

Integrity Bank’s skyrocket run as the fastest-growing bank in Georgia history, fueled by housing construction, has ended in failure.

Birmingham, Ala.-based Regions Financial Corp. (NYSE: RF) late Friday acquired the deposits for the Alpharetta, Ga.-based community bank in the 10th bank U.S. bank failure this year, according to a late Friday press release from the Federal Deposit Insurance Corp.

Integrity Bank operates five branches in metro Atlanta, primarily in the city’s affluent north suburbs.

Regions Financial acquired all of Integrity’s $962 million in total deposits, including uninsured deposits, paying $9.7 million for them. The deal does not include Integrity Bank’s branches. However, Integrity Bank branches will temporarily open as Regions Financial branches early Tuesday. The FDIC said all customer deposits at the bank will be available for customer use over the weekend through checks, debit cards and ATM withdrawals.

Regions Financial is also buying $34.4 million in cash and other assets from the failed bank.

The FDIC estimates the cost to liquidate bad assets it assumes from Integrity Bank will be $250 million to $350 million.

With Georgia among the top states with the highest number of banks on the FDIC’s watch list, Integrity’s failure is surely not the last bank collapse to be seen in the metro-Atlanta area.

Fail Meter, originally uploaded by _saturnine.