FIs closed: First Choice Community Bank, Dallas, Georgia, USA
On Friday, 29 April, 2011, First Choice Community Bank, Dallas, Georgia, USA was closed by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
Bank of the Ozarks, Little Rock, Arkansas, acquired the banking operations, including all the deposits, of First Choice Community Bank, Dallas, Georgia.
The branches of the =closed bank reopened during their normal business hours beginning Saturday as branches of Bank of the Ozarks.
As of 31 December, 2010, The Park Avenue Bank had total assets of USD953.3 million and total deposits of USD827.7 million.
Bank of the Ozarks did not pay a premium for the deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be USD306.1 million.
First Choice Community Bank is the 38th bank to fail in the USA this year and the tenth in Georgia.
Download PDF version of this page