The stock market turmoil has claimed another merger deal in Georgia. Flag Financial Corp., of La Grange, and Mount Vernon-based Heart of Georgia Bancshares said in a joint statement that they had called off their planned merger.

"On reflection, we did not feel that it was the right time for Heart of Georgia to take this significant step," Donald M. Thigpen, president and chief executive officer of the $33 million-asset holding company, said last week.

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