Freedom Bank of Georgia, Commerce, Georgia

Freedom Bank of Georgia, Commerce, GA, is gone. The FDIC slammed the shutters on the 17th bank this year and handed the assets over to Northeast Georgia Bank, Lavonia, GA.

Freedom Bank of Georgia was seized by regulators, the 17th bank closed this year, as the recession persists and a jump in unemployment pushed more borrowers behind on home loan payments.

Freedom Bank, in Commerce, Georgia, with $173 million in assets and $161 million in deposits, was shut by the state’s Department of Banking and Finance and the Federal Deposit Insurance Corp. was named receiver. Northeast Georgia Bank of Lavonia, Georgia, will assume deposits, the FDIC said.

More information on the closure of Freedom Bank of Georgia can be found on the FDIC web page.

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