First Georgia Community Bank, based in Jackson, Ga., has been closed by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corp. (FDIC) was named receiver.
To protect the depositors, the FDIC entered into a purchase and assumption agreement with United Bank, based Zebulon, Ga., to assume all of the deposits of First Georgia Community Bank.
As of Nov. 7, First Georgia Community Bank had total assets of $237.5 million and total deposits of $197.4 million. United Bank agreed to assume all the deposits for a .811% premium. In addition to assuming all of the failed bank's deposits, United Bank will purchase approximately $60.6 million of assets. The FDIC will retain the remaining assets for later disposition.