From the Atlanta Business Chronicle, the Federal Deposit Insurance Corp. (FDIC) seized the assets of First Georgia Community Bank late today. See the FDIC Release by clicking here.
Zebulon, Ga.-based United Bank will assume all of the deposits of Jackson, Ga.-based First Georgia Community, according to announcements by the Federal Deposit Insurance Corp. and Georgia Department of Banking & Finance.
As of Nov. 7, First Georgia Community had $197.4 million in total deposits in four branches, while United Bank posted $553 million in deposits in third quarter 2008, according to FDIC data.
United Bank is acquiring the deposits for a 0.811 percent premium, and the FDIC expects the failure will cost its insurance fund $72 million.
United Bank also purchased $60.6 million in assets as part of the deal. The FDIC will hold the remainder of First Georgia Community’s assets, totaling $237.5 million, for later disposition.