http://www.marketwatch.com/story/georgia-bank-is-95th-us-failure-of-2009-2009-09-25
By John Letzing, MarketWatch
SAN FRANCISCO (MarketWatch) -- Atlanta-based Georgian Bank was closed by regulators on Friday, marking the 95th U.S. bank failure of the year as the credit crunch continues claiming victims.
Georgian Bank had $2 billion in assets and $2 billion in deposits as of July 24, according to the Federal Deposit Insurance Corp.
Columbia, S.C.-based First Citizens Bank and Trust Company Inc. has agreed to assume the failed bank's deposits, the FDIC said in a statement.
The FDIC estimated that the cost of the bank's failure to the federal deposit insurance fund will be $892 million.
Georgian Bank is the 19th Georgia bank to fail this year.
John Letzing is a MarketWatch reporter based in San Francisco.
