We kick of FDIC Friday Night Frights in Georgia (of course) as we race to 100.

Georgian Bank, Atlanta, Georgia, was closed Friday, September 25, 2009 today by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. First Citizens Bank and Trust Company, Inc., Columbia, South Carolina will assume all of the deposits of Georgian Bank.

Georgian Bank had total assets of $2 billion and total deposits of approximately $2 billion, and five branches. In addition to assuming all of the deposits of the failed bank, First Citizens Bank agreed to purchase essentially all of the assets. The FDIC and First Citizens Bank entered into a loss-share transaction on approximately $2 billion of Georgian Bank's assets. First Citizens Bank will share in the losses on the asset pools covered under the loss-share agreement.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $892 million. Georgian Bank is the 95th FDIC-insured bank failure in the nation this year, and the nineteenth in Georgia.

Cert # 57151

Sinclair Noe

Bank-o-meter.com

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