March 29, 2010 (FinancialWire) — Charter Financial Corp. (OTCBB: CHFN) announced TODAY that its wholly-owned subsidiary, CharterBank, has entered into an agreement with loss sharing with the Federal Deposit Insurance Corp. to purchase the certain assets and assume the deposits and certain other liabilities of McIntosh Commercial Bank, a commercial bank headquartered in Carrollton, Georgia.

McIntosh Commercial Bank was closed TODAY by the Georgia Department of Banking and Finance, which then appointed the FDIC receiver.

Under the loss sharing agreement, the FDIC will reimburse CharterBank for a percentage of the losses on McIntosh Commercial Bank's loans and foreclosed properties.

The company added that, as part of the loss sharing agreement, the acquired assets receive favorable treatment for regulatory capital purposes.

As of December 31, 2009, McIntosh Commercial Bank reported total assets of $363 million, loans of $209 million, deposits of $343 million and borrowings of $9 million.

Under the terms of CharterBank's agreement with the FDIC, CharterBank has the option to purchase, or to assume the leases on, all four McIntosh Commercial Bank branch locations.

Charter said that the agreement with the FDIC covers only the assets and liabilities of McIntosh Commercial Bank. Assets, liabilities and common stock of McIntosh Commercial Bank's former parent company, MCB Financial Group, Inc., have not been purchased or assumed by CharterBank or Charter Financial.

Georgia-based Charter Financial is a savings and loan holding company and the parent of CharterBank, a community bank and a federal savings institution. CharterBank operates seventeen branches on Interstate highways in West Georgia and East Alabama. The company also operates a loan production office in Georgia.  

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