State regulators closed the $62.4 million-asset Community Bank of Rockmart in Georgia on Thursday, the 88th failure this year.

The Federal Deposit Insurance Corp. sold $40.7 million of the bank's assets to Century Bank of Georgia in Cartersville. Century also agreed to assume the bank's $55.9 million in deposits and the FDIC said it would retain the remaining assets for further disposition.

The failure is expected to cost the Deposit Insurance Fund $14.5 million.

The bank was closed on Thursday — an unusual move — because the government is closed on Friday in observance of Veteran's Day.

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