Georgia bank shut down

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Georgia bank shut down
« Thread Started on Dec 5, 2008, 7:12pm »

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Georgia bank shut down
Posted: 06:04 PM ET
By Ben Rooney
CNNMoney.com
NEW YORK (CNNMoney.com) — State regulators in Georgia closed First Georgia Community Bank on Friday, marking the 23rd bank failure of the year.

The Federal Deposit Insurance Corp. said that the four branches of the Jackson, Georgia-based institution will reopen on Saturday as part of United Bank, of Zebulon, Georgia.

First Georgia Community Bank had total assets of $237.5 million and total deposits of $197.4 million. The FDIC estimates that the cost of Friday’s action to the Deposit Insurance Fund will be $72.2 million.