Friday Failure

First Georgia Community Bank of Jackson, Georgia was closed by the regulators today.


The four branches of Jackson, Ga.-based First Georgia will re-open Saturday as United Bank, which has assumed First Georgia’s deposits, the Federal Deposit Insurance Corp. said in a statement.
United Bank agreed to assume the deposits for a 0.811 premium, the FDIC said, and it will purchase roughly $60.6 million of First Georgia’s assets.
As of Nov. 7, First Georgia had $237.5 million in assets and $197.4 million in deposits, the FDIC said.
The FDIC estimated the closure will cost its Deposit Insurance Fund $72.2 million.
Hopefully, that’s the major news story this weekend.

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