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Business

Atlanta's Georgian Bank becomes USA's latest bank failure

Text by NEWS WIRES

Latest update : 2009-09-26

Atlanta's Georgian Bank became the eighth biggest bank failure of 2009, according to the Federal Deposit Insurance Company (FDIC). Ninety-five banking American institutions have shut this year, feeling the effects of the economic crisis.

AFP - US government bank insurer FDIC announced Friday the latest in a string of US bank failures with the closure of Georgian Bank -- the eighth biggest failure in the United States this year.
   
The failure brings to 95 the number of US banking institutions that have closed their doors this year, the Federal Deposit Insurance Corporation said in a statement.
   
Georgian Bank is the 19th bank to fail in the US state of Georgia alone since January 1.
   
The government insurer also said the institution had total assets of two billion dollars, and that a South Carolina bank had agreed to enter a partnership with the FDIC to assume the deposits.
   
The FDIC said it estimates the takeover cost for its Deposit Insurance Fund to be some 892 million dollars.
   
 

Date created : 2009-09-26

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