WASHINGTON — Regulators closed First Georgia Community Bank in Georgia on Friday, the 23rd institution to be closed this year.
The Federal Deposit Insurance Corp. was appointed as the receiver for the $237 million-asset bank based in Jackson. The FDIC said its $197 million in deposits were sold to United Bank, located in Zebulon, Ga.
The acquirer agreed to pay the FDIC a 0.8% deposit premium, and buy $60.6 million in First George Community's assets. The agency said the failure is estimated to cost $72 million to the Deposit Insurance Fund.
The failure is the fourth in two weeks. On Nov. 21, regulators shut three institutions, including California-based Downey Savings and Loan, and PFF Bank and Trust. The closure was also the fourth in Georgia this year.
