Georgia Bank Fails

Another Friday, another bank failure.

Paul Jackson at HousingWire breaks the news:

Jackson, Georgia-based First Georgia Community Bank was closed Friday by the Georgia Department of Banking and Finance, and became the 23rd bank this year to head into the hands of the Federal Deposit Insurance Corporation. The small bank’s deposits were acquired by United Bank, another Georgia-based banking institution; the failed bank had just four branches, according to an FDIC statement.

The small community bank had total assets of $237.5 million and total deposits of $197.4 million the FDIC said; interestingly, United Bank agreed to assume all the deposits for less than their face value, paying only an .811 per cent premium. In addition to assuming all of the failed bank’s deposits, according to the FDIC, United Bank will purchase approximately $60.6 million of assets., as well.

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