AILEY, Ga. — A South Georgia bank closed by federal regulators has a missing board member who’s accused of millions in fraud.
The Federal Deposit Insurance Corp. said it seized Montgomery Bank & Trust in Ailey on Friday. The U.S. attorney’s office said missing director Aubrey Lee Price has been charged with wire fraud involving the embezzlement of $17 million from the bank. Price controlled the bank’s investments before disappearing last month. He was last seen on a ferry leaving Key West, Florida, for Fort Myers.
The FDIC said Montgomery Bank was acquired by Moultrie-based Ameris Bank and its two branches will reopen Monday. Ameris is assuming all of the bank’s $164 million in deposits and the FDIC is retaining the bulk of the failed bank’s $173 million in assets.