US regulators close small Georgia bank

AP News
|
Posted: Oct 02, 2015 8:27 PM

Regulators are closing a small Georgia bank, marking the seventh failure of a federally insured bank this year.

The Bank of Georgia, based in Peachtree City, Georgia, was closed Friday, the Federal Deposit Insurance Corp. said.

Fidelity Bank, a subsidiary of Fidelity Southern Corp., agreed to buy $255.3 million of the failed bank's assets and will gain seven locations.

As of June 30, The Bank of Georgia had about $294.2 million in total assets and $280.7 million in total deposits.

The failure is expected to cost the FDIC $23.2 million.

According to the FDIC, a total of 18 banks failed in 2014. That's down from 24 the year before, and far below the 157 banks that went under in 2010 in the wake of the financial crisis.