First Georgia Community Bank
Who: First Georgia Community Bank
What: 23rd bank failure of 2008 (Dec. 5, 2008)
Where: Jackson, Georgia
Why: Inadequate capital.
Fast Facts: Deposits of First Georgia Community Bank were assumed by United Bank for a .811 percent premium; as of November 7, 2008, First Georgia Community Bank had total assets of $237.5 million and total deposits of $197.4 million. The FDIC will retain the remaining assets for later disposition. First Georgia Community was the fourth Georgia bank to fail this year. Like the other Georgia banks seized by bank regulators, the failure was driven by an aggressive expansion into new geographic areas and a reliance on residential real estate to fuel loan growth, reports the Atlanta Business Chronicle.
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