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.