/ Source: The Associated Press
Regulators have shut down Atlanta-based Georgian Bank, the 95th U.S. bank to fail this year amid the recession and rising loan defaults.
The Federal Deposit Insurance Corp. took over Georgian Bank, with about $2 billion in assets and $2 billion in deposits as of July 24. First Citizens Bank and Trust Co., based in Columbia, S.C., agreed to assume the assets and deposits of the failed bank.
The failure of Georgian Bank is expected to cost the federal deposit insurance fund an estimated $892 million.