First Georgia Community Bank, Jackson, GA

After a week off, the FDIC Friday night party is rockin’ again. As 2008 comes to close, FDIC bank seizures inch toward 30 with number 23 being First Georgia Community Bank of Jackson, GA. For the official information, go to the FDIC web page. Here is the story from Bloomberg:

First Georgia Community Bank of Jackson was closed by regulators today, the 23rd U.S. bank seized this year, as mortgage delinquencies and foreclosures surge to records amid a deepening recession.

First Georgia, with $237.5 million in assets and $197.4 million in deposits, was shut by the Georgia Department of Banking and Finance and the Federal Deposit Insurance Corp. was named receiver. United Bank of Zebulon, Georgia, will assume First Georgia’s deposits and open the failed bank’s four offices southeast of Atlanta tomorrow as United branches, the FDIC said.

“Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage,” the FDIC said.

United Bank will pay a premium of 0.8 percent to assume the failed bank’s deposits, the FDIC said, and is buying about $60.6 million of its assets with the FDIC retaining the rest for later disposition. The closure will cost the FDIC’s deposit insurance fund, supported by fees on insured banks, $72 million.

First Georgia, the state’s fourth bank to fail this year, opened in 1997 and has offices in Jackson, Covington, Griffin and Locust Grove. Regulators closed Community Bank in Loganville, Georgia, two weeks ago.

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