http://www.marketwatch.com/news/story/The-Community-Bank-closed-20th/story.aspx?guid=%7BDC1245EA%2D2973%2D45EC%2DB090%2D99579F04D9B5%7D&dist=hplatestLoganville, Ga.-based The Community Bank has been closed by regulators, the Federal Deposit Insurance Corp. said late Friday, marking the 20th bank failure so far this year amid the ongoing financial crisis.
All of The Community Bank's deposits have been transferred to Tappahannock, Va.-based Bank of Essex, the FDIC said, and all four of The Community Bank's branches will reopen Monday as Bank of Essex.
The Community Bank had total assets of $681 million and total deposits of $611.4 million as of Oct. 17, the FDIC said.
Bank of Essex purchased roughly $84.4 million of The Community Bank's assets and paid the FDIC a premium of $3.2 million for the right to assume the failed bank's deposits. The FDIC said it would retain the remaining assets "for later disposition."