Go Finance Reporting - The regulators closed a small bank in Georgia, United States (U.S.). This closure is the third time in 2011. At last year's 157 banks in Georgia economic decline due to weak performance and the debt.
Federal Deposit Insurance Corp. was appointed to take over Oglethorpe Bank of Brunswick, Ga., has assets of USD230, 6 million and deposit USD212, 7 million. While the Bank of the Ozarks, based at Little Rock, Arkansas, agreed to assume the assets, and deposits of failed banks.
Reporting from the Associated Press on Sunday (01/16/2011), the FDIC and the Bank of the Ozarks have agreed to share the fund of USD173, 9 million of Oglethorpe Bank loans and other assets.
This is the second acquisition by Bank Ozarks in less than a month. On 17 December, the Bank Ozarks has agreed to take over other small banks in Georgia, the Chestatee State Bank of Dawsonville. Oglethorpe Bank failures are expected to cover the cost of insurance for $ 80, 4 million.
Known, Georgia has become one of the hardest hit countries of banking failures in the middle of the bad loans, particularly commercial real estate sector. Twenty-one banks were closed in the state last year.
Other U.S. states also have seen a bank failure, like in Florida, California, and Illinois. (GoFinance)
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