FirstBank Financial Services
Who: FirstBank Financial Services
What: 7th bank failure of 2009 (Feb. 6, 2009)
Where: McDonough, Georgia
Why: Bad loans.
Fast Facts: Regions Bank, Birmingham, Alabama assumed all deposits from FirstBank Financial Services; as of December 31, 2008, FirstBank had total assets of approximately $337 million and total deposits of $279 million. FirstBank Financial Services is the first bank to fail in Georgia this year. The last bank to fail in Georgia was Haven Trust Bank, Duluth, on December 12, 2008. This is the second time in five months that Regions has acquired the deposits of a failed bank through arrangements with the FDIC, reports MarketWatch. In August, Regions acquired the deposits and some of the assets of Integrity Bank of Alpharetta, Ga., when it was closed by regulators.
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