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Friday, December 05, 2008

Bank Failure #23: First Georgia Community Bank, Jackson, Georgia

by Calculated Risk on 12/05/2008 05:08:00 PM

From the FDIC: United Bank Acquires All the Deposits of First Georgia Community Bank, Jackson, Georgia

First Georgia Community Bank, Jackson, Georgia, was closed today by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation (FDIC) was named receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with United Bank, Zebulon, Georgia, to assume all of the deposits of First Georgia Community Bank.
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As of November 7, 2008, First Georgia Community Bank had total assets of $237.5 million and total deposits of $197.4 million. United Bank agreed to assume all the deposits for a .811 percent premium. In addition to assuming all of the failed bank's deposits, United Bank will purchase approximately $60.6 million of assets. The FDIC will retain the remaining assets for later disposition.
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The FDIC estimates that the cost to the Deposit Insurance Fund will be $72.2 million.
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First Georgia Community Bank is the 23rd bank to fail in the nation this year, and the fourth in Georgia.
Now it feels like a Friday!