First Georgia Community Bank, The 23rd Failed Bank In 2008

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Banks keep failing, even though the government has poured hundreds of billions of dollars into the financial sector. There’s no sign of easing as the Federal Deposit Insurance Corporation (FDIC) announced today that First Georgia Community Bank, which headquarters in Jackson, GA, was closed by authority on December 5 with its deposits acquired by United Bank of Zebulon, Georgia.

First Georgia Community Bank has been a member of the FDIC since 1997 (FDIC certificate number 34301). According to the statement, First Georgia Community Bank had total assets of $237.5 million and total deposits of $197.4 million as of November 7, 2008. After the acquisition, all deposits have been transferred to United Bank and are available for immediate withdrawal. First Georgia Community Bank branches will open for business as usual on December 6, 2008.

How many banks will fail before the 2008 is out?

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