FIs Closed: First Georgia Banking Company, Franklin, Georgia, USA and Atlantic Southern Bank, Macon, Georgia, USA
On Friday, 20 May, 2011, First Georgia Banking Company, Franklin and Atlantic Southern Bank, Macon, Georgia, USA were closed by the Georgia Department of Banking and Finance and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.
CertusBank, National Association, Easley, South Carolina, acquired the banking operations, including all the deposits, of Atlantic Southern Bank, Macon, Georgia, and First Georgia Banking Company, Franklin, Georgia.
All 26 branches of the two closed banks reopeedn during their normal business hours beginning Saturday as branches of CertusBank, N.A. Depositors of the two failed banks will automatically become depositors of CertusBank,
As of 31 March, 2011, Atlantic Southern Bank had total assets of USD741.9 million and total deposits of USD707.6 million; First Georgia Banking Company had total assets of USD731.0 million and total deposits of USD702.2 million.
No premium was paid for the deposits.
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for Atlantic Southern Bank will be USD273.5 million and for First Georgia Banking Company, USD156.5 million.
The closings are the 41st and 42nd FDIC-insured institutions to fail in the nation so far this year and the eleventh and twelfth in Georgia.
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