First Coweta, Newnan, Georgia

First Coweta, Newnan, Georgia was closed today by the Georgia Department of Banking and Finance, and handed over to the Federal Deposit Insurance Corporation (FDIC) tonight, making it the 79th FDIC-insured institution to fail this year. This also makes it the eighteenth in Georgia.

First Coweta, Newnan, Georgia was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with United Bank, Zebulon, Georgia, to assume all of the deposits of First Coweta, excluding those from brokers.

The four branches of First Coweta will reopen on Saturday as branches of United Bank. Depositors of First Coweta will automatically become depositors of United Bank. Depositors 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. Customers should continue to use their existing branches until United Bank can fully integrate the deposit records of First Coweta.

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Customers who have questions about today’s transaction can call the FDIC toll-free at 1-800-405-8028. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from noon to 6:00 p.m., EDT; and thereafter from 8:00 a.m. to 8:00 p.m., EDT. Interested parties can also visit the FDIC’s Web site athttp://www.fdic.gov/bank/individual/failed/coweta.html.

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