Bank Collapse Watch: First Georgia Community Bank

Georgia bank shuttered by regulators
First Georgia Community Bank is the 23rd bank to be closed this year.

NEW YORK (CNNMoney.com) -- State regulators in Georgia closed First Georgia Community Bank on Friday, marking the 23rd bank failure of the year.

The Federal Deposit Insurance Corp. said that the four branches of the Jackson, Ga.-based First Georgia Community Bank will reopen on Saturday as part of United Bank, of Zebulon, Ga.

First Georgia Community Bank had total assets of $237.5 million and total deposits of $197.4 million.

The FDIC estimates that the cost of Friday's action to the Deposit Insurance Fund will be $72.2 million.

Bank failures have increased dramatically this year as a global financial crisis has unfolded. The 23 banks closed this year compares with only three bank failures last year, and no bank failures in 2006 and 2005.

And look at this:


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It was number seven on the list I referenced earlier.