|The Federal Deposit Insurance Corporation has taken over its 23rd bank this year.
The Georgia Department of Banking and Finance today shut down First Georgia Community Bank in Jackson, Ga., a press release said. The FDIC has been named receiver.
United Bank of Zebulon, Ga., has agreed to assume all of First Georgia's $197 million in deposits as of Nov. 7 for a premium of 0.811 percent. In addition, United will acquire around $61 million of First Georgia's $238 million in assets. First Georgia has $167 million in net loans and leases as of Sept. 30.
Four branches of First Georgia will reopen Saturday as United Bank branches. There were 75 employees at First Georgia at the end of September.
The FDIC expects the failure to cost the deposit insurance fund $72 million.
Parent First Georgia Community Corp. entered into an agreement with the Federal Reserve Bank of Atlanta and the Banking Commissioner of the State of Georgia on Sept. 11 to take steps to conserve capital and strengthen its loan management.