As if the Atlanta area needed any more failures. Just as we thought is was safe to come out of the water, another bank failed! Georgian Bank is the 19th bank failure in Georgia since January 1. We are averaging 2 bank closures a month here in Georgia. Georgian Bank is the 8th largest bank failure in the United States this year. According to press release today from the FDIC - Georgian Bank of Atlanta, GA was closed today by the Georgia Department of Banking and Finance. The Federal Deposit Insurance Corporation (FDIC) was appointed as receiver. The FDIC entered agreement with First Citizens Bank and Trust Company, Inc., Columbia, South Carolina, to assume all of the deposits of Georgian Bank. The five branches of Georgian Bank will reopen on Monday as branches of First Citizens Bank. Depositors of Georgian Bank will automatically become depositors of First Citizens Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Friday's closure cost the FDIC an estimated $892 million.
Accroding to the FDIC press release:
"This evening and over the weekend, depositors of Georgian Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual."
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