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Reply #1: First, This Weekend's Bank Failure: Georgia bank fails, seventh closure of the year [View All]

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Demeter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Feb-06-09 06:42 PM
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1. First, This Weekend's Bank Failure: Georgia bank fails, seventh closure of the year
http://www.marketwatch.com/news/story/georgia-bank-fail...

McDonough, Ga.-based FirstBank Financial Services was closed by regulators Friday, marking the seventh bank failure of the year and the 32nd of the recession, according to the Federal Deposit Insurance Corp.
Birmingham, Ala.-based Regions Bank has agreed to assume all of FirstBank's deposits and purchase roughly $17 million of the failed bank's assets, the FDIC said.

Regions said in a statement that it marks the second time in five months that it's acquired the deposits of a failed bank through the FDIC.

LOOKS LIKE BANKING HAS A NEW LINE OF BUSINESS!
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