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First Georgia Community Bank closed -- 23rd failure in '08

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Pale Blue Dot Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 04:29 PM
Original message
First Georgia Community Bank closed -- 23rd failure in '08
Source: Marketwatch

First Georgia Community Bank was closed by regulators Friday, the 23rd bank failure of the year and the fourth in the Atlanta area amid the ongoing financial crisis. The four branches of Jackson, Ga.-based First Georgia will re-open Saturday as United Bank, which has assumed First Georgia's deposits, the Federal Deposit Insurance Corporation said in a statement. As of Nov. 7, First Georgia had $237.5 million in assets and $197.4 million in deposits, the FDIC said. The FDIC estimated the closure will cost its Deposit Insurance Fund $72.2 million. In November, state regulators closed Community Bank of Loganville, while Integrity Bancshares Inc. and Alpha Bank & Trust, both in Alpharetta, Ga., have also been closed

Read more: http://www.marketwatch.com/news/story/First-Georgia-Com...



It's still early. There could be more tonight.
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Renew Deal Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 04:30 PM
Response to Original message
1. Another friday night bank failure.
Lovely
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 04:33 PM
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2. as per the schedule - right on that Friday evening closure
can't have anyone remembering what the bank's name was on Monday

:crazy:
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defendandprotect Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-05-08 06:13 PM
Response to Original message
3. Capitalism is over ....long over ---!!!
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fasttense Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Dec-06-08 05:41 AM
Response to Original message
4. Wasn't it PT Barnum who said you can steal from some of the people some of the time
but if you steal from all of the people all of the time, you get a Republicon Great Depression?
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