FDIC shuts down failed bank in Georgia

By: Associated Press
By: Associated Press

December 5, 2008

WASHINGTON (AP) -- Regulators have shut down First Georgia Community Bank, the 23rd U.S. bank failure this year.

The Federal Deposit Insurance Corp. has been appointed receiver of the bank, located in Jackson, Ga. It had $237.5 million in assets and $197.4 million in deposits as of Nov. 7.

The FDIC says all the failed bank's deposits will be assumed by United Bank of Zebulon, Ga. Its four branches will reopen Saturday as offices of United Bank. United Bank also will buy about $60.6 million of First Georgia Community Bank's assets.

The agency says depositors of First Georgia Community will continue to have full access to their deposits.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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