Bank Failure
First Georgia Community Bank
BankRegReports is independent of First Georgia Community Bank and never asks for online banking logins or passwords.
Closed December 5, 2008 · Jackson, GA · FDIC Cert #34301.
- Closing date
- December 5, 2008
- Headquarters
- Jackson, GA
- FDIC Certificate
- 34301
- Total assets at closing
- $256.4M
- Total deposits at closing
- $215.3M
- Estimated loss to the insurance fund
- $86.3M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- United Bank
Context
On December 5, 2008, regulators closed First Georgia Community Bank, headquartered in Jackson, GA. At closing, the institution held approximately $256.4M in assets and $215.3M in deposits. The FDIC record names United Bank as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $86.3M.
By assets at closing this is the 631st largest of the 3,526 bank failures in the FDIC record, and the 17th of 25 in 2008. It falls in the period the record labels Global Financial Crisis (2008-2013), a period with 489 failures peaking at 157 in 2010.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did First Georgia Community Bank fail?
First Georgia Community Bank was closed by regulators on December 5, 2008.
Who acquired First Georgia Community Bank?
The FDIC record names United Bank as the acquiring institution in the resolution of First Georgia Community Bank.
How big was First Georgia Community Bank when it failed?
First Georgia Community Bank had approximately $256.4M in total assets and $215.3M in deposits at the time of failure.
Other failures in 2008
| Date | Bank | Assets |
|---|---|---|
| Dec 12, 2008 | Haven Trust Bank | $559.6M |
| Dec 12, 2008 | Sanderson State Bank | $38.2M |
| Nov 21, 2008 | Downey Savings and Loan Association, F.A. | $12.78B |
| Nov 21, 2008 | PFF Bank & Trust | $3.72B |
| Nov 21, 2008 | The Community Bank | $634.9M |
| Nov 7, 2008 | Franklin Bank, SSB | $5.09B |
| Nov 7, 2008 | Security Pacific Bank | $528.0M |
| Oct 31, 2008 | Freedom Bank | $270.8M |
Explore: all failures · GA bank events · 2008 events · events hub