ATLANTA – The FDIC on Friday seized $2 billion Georgian Bank, the 19th bank to fail in Georgia so far this year.
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First Citizens Bank and Trust Company, of Columbia, S.C., agreed to assume all of Georgian's $2 billion deposits and will purchase "essentially all" of its $2 billion in assets, the FDIC said.
Friday’s failure, the 95th bank to go under this year, will cost the FDIC an estimated $982 million to resolve.
The FDIC is exploring ways to shore up reserves for its insurance fund, which have declined from $45 billion last year, to around $10 billion. The FDIC board is scheduled to meet Thursday to discuss ways of replenishing the reserves without charging banks another premium.
