FirstCity Bank, Stockbridge, Georgia

After a week off, the FDIC caught its breath and is now active again, closing three more troubled banks after the close of buisness today. FirstCity Bank, Stockbridge, Georgia became the agency’s number 18 in 2009.

 FirstCity Bank of Stockbridge, Georgia, was seized by regulators, the 18th U.S. bank to fail this year as foreclosures surged amid a recession and the highest unemployment in a quarter century.

FirstCity, with $297 million in assets and $278 million in deposits, was shut by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corp. was named receiver. The FDIC said it was unable to find a buyer for FirstCity and will pay customers for deposits up to $250,000 beginning on March 23.

“The FDIC will fulfill its obligation to insured depositors by mailing checks for their insured amounts,” the FDIC said in a statement today. It is the second time this year the agency couldn’t find a bidder for a failing bank, after it shut down Salt Lake City-based MagnetBank on Jan. 30.

For more details go to the official FDIC web page here.

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