WASHINGTON (AP) -- Regulators on Friday shut down First Georgia Community Bank, the 23rd U.S. bank failure this year.
The Federal Deposit Insurance Corp. was appointed receiver of the bank, located in Jackson, Ga. It had $237.5 million in assets and $197.4 million in deposits as of Nov. 7.
The FDIC said all the failed bank's deposits will be assumed by United Bank of Zebulon, Ga. Its four branches will reopen Saturday as offices of United Bank. United Bank also will buy about $60.6 million of First Georgia Community Bank's assets; the FDIC will retain the rest for eventual sale.
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