FDIC: Georgia-Based Bank 23rd US Bank To Fail In 2008
Of DOW JONES NEWSWIRES
WASHINGTON -(Dow Jones)- Federal and state regulators closed First Georgia Community Bank on Friday, marking the 23rd U.S. bank to fail amid the ongoing turmoil in the financial-services sector.
The Federal Deposit Insurance Corp. said the Georgia Department of Banking and Finance closed company, based in the Jackson, Ga. The bank had total assets of $237.5 million and total deposits of $197.4 million as of Nov. 7, the FDIC said in a release.
All of First Georgia's deposits were purchased by United Bank, based in Zebulon, Ga., for a .811% premium, the regulator said. United Bank also agreed to purchase $60.6 million of assets as part of the deal.
The failure of First Georgia will cost the FDIC's deposit insurance fund an estimated $72.2 million, adding to growing pressure on the fund because of the rapid rise in bank failures. The FDIC said the bank was the fourth Georgia-based bank to fail this year.
-By Michael R. Crittenden, Dow Jones Newswires; 202-862-9273; michael.crittenden@dowjones.com
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(END) Dow Jones Newswires
December 05, 2008 17:32 ET (22:32 GMT)
Publié le 05 Décembre 2008 Copyright © 2008 Dowjones
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