Jackson, Ga. -- First Georgia Community Bank in Jackson, Ga., has been seized by regulators, becoming the 23rd financial institution nationwide to fail this year.
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The Federal Deposit Insurance Corp. said it entered a purchase and assumption agreement with United Bank, which will take over First Georgia's total deposits of $197.4 million, The Atlanta Journal-Constitution reported Saturday.
United Community is paying a 0.811 percent premium for the deposits. The bank will buy about $60.6 million of First Georgia's total assets of $237.5 million.
The FDIC said it is keeping the remaining assets for later disposition.
First Georgia's four branches were to open Saturday as United Bank locations. Customers can access their money and use their ATM cards and checkbooks as normal, the newspaper said.
Copyright 2008 by United Press International.
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