Regulators Friday closed the $231 million-asset Oglethorpe Bank in Brunswick, Ga., the third failed institution in 2011.

The Federal Deposit Insurance Corp. said Bank of the Ozarks in Little Rock, Ark., had agreed to assume all $213 million of Oglethorpe's deposits. The buyer will also acquire essentially all of the failed bank's assets.

The FDIC reached an agreement with the Little Rock bank to share losses on about $174 million of Oglethorpe's assets. The failure is estimated to cost the agency $80.4 million.

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