by Calculated Risk on 9/25/2009 04:36:00 PM

Atlanta Georgia
Just five simple syllables
Foreclosure central
by Rob Dawg (SGIP out today)
From the FDIC: First Citizens Bank and Trust Company, Incorporated, Columbia, South Carolina, Assumes All of the Deposits of Georgian Bank, Atlanta, Georgia

Georgian Bank, Atlanta, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. ...

As of July 24, 2009, Georgian Bank had total assets of $2 billion and total deposits of approximately $2 billion. 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. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $892 million. ... Georgian Bank is the 95th FDIC-insured institution to fail in the nation this year, and the nineteenth in Georgia. The last FDIC-insured institution closed in the state was First Coweta, Newnan, on August 21, 2009.

Friday starts early ...