Georgia bank is 23rd failure in U.S. this year

Reuters ^ | 2008-12-05

[rabscuttle385]

WASHINGTON, Dec 5 (Reuters) - First Georgia Community Bank, a small institution with $237.5 million in assets, was closed by state regulators on Friday, marking the 23rd U.S. bank failure this year.

All $197.4 million in deposits were transferred to United Bank of Zebulon, Georgia, and the failed bank and its offices will reopen as branches of United Bank, the U.S. Federal Deposit Insurance Corp said. First Georgia had branches in Jackson, Covington, Griffin and Locust Grove.

United Bank will also buy about $60.6 million of First Georgia's assets, the FDIC said.

The bank failure will cost the FDIC's deposit insurance fund an estimated $72.2 million, the agency said.

First Georgia Community Bank, the failed bank, is not affiliated with First Georgia Banking Co., the FDIC said.

[KoRn]

IBTP!

[rabscuttle385]

*Ping!*

[rabscuttle385]

Failed Bank Information for First Georgia Community Bank, Jackson, GA

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[KoRn]

"All $197.4 million in deposits were transferred to United Bank of Zebulon"

Wow, that's harsh! They sent everyone's money to another planet!

[Brilliant]

To put things in perspective, approximately 10,000 banks failed during the Great Depression. Of course, most of those were one branch banks.

There was no FDIC and no bank examiners. Thousands of the failed banks did not even have licenses to operate a bank.

[rsobin]

Good one. Who’s the BANK of Zebulon’s leader...Ming?

[B4Ranch]

>Thousands of the failed banks did not even have licenses to operate a bank.<

You mean have licenses to steal, don’t you?

[autumnraine]

HAHA! Zebulon is a teetiny town where I am from.

Good Lord, I need to call my cousin.

[org.whodat]

HAHA! Zebulon is a teetiny town where I am from.

Are you green are yellow, do you have sharp teeth, are do you have teeth, how about ears. Do you have a stargate?????

[autumnraine]

Shhhh, we aren’t supposed to mention the Stargate.

[org.whodat]

I have never been to Zebulon, ga. but I was in Griffin to the race track/car show years ago.

[dearolddad]

I have never been to Zebulon

I spent a weekend there one afternoon.

[autumnraine]

I miss it down there.

[M. Espinola]

2009 will make 2008’s bank failures look mild.

[dbz77]

Maybe the bank should have offered goods or services enough people are willing to pay for to cover the costs of production.