The Friday night menu features banks. The first course is southern style toast. Once again the FDIC targets a Georgia bank. The over/under for The Friday Eat the Bankers Special is 4.

United Security Bank, Sparta, Georgia, was closed Friday, November 6, 2009 by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver. Ameris Bank, Moultrie, Georgia will assume all of the deposits of United Security Bank.

As of September 14, 2009, United Security Bank had total assets of $157 million and total deposits of approximately $150 million, and two branch locations. Ameris Bank will pay the FDIC a premium of 0.36 percent to assume all of the deposits of United Security Bank. The FDIC and Ameris Bank entered into a loss-share transaction on approximately $123 million of United Security Bank's assets.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $58 million.

United Security Bank is the 116th FDIC-insured bank failure this year, and the twenty-first in Georgia.

Cert # 22286

Sinclair Noe

Eat the Bankers

Bank-o-meter.com

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