First Georgia Community Corp. in Jackson entered an agreement with the Federal Reserve Bank of Atlanta and state regulators to maintain sufficient capital, improve its underwriting, and evaluate its management team.

The $264 million-asset company, which has lost money for four consecutive quarters, said in a Securities and Exchange Commission filing Wednesday that it signed the agreement Sept. 11.

First Georgia said it is already working to comply with the agreement, which is based on findings from a spring Fed exam. The company's directors contributed $4.5 million of capital and forgave $500,000 of previously earned retirement benefits and fees.

The nonperforming loan ratio at its First Georgia Community Bank swelled to 25.77% in the second quarter, according to the Federal Deposit Insurance Corp. The bank also was undercapitalized.

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