Bank Closing: Freedom Bank of Georgia

Click on the image for a mash-up map of bank failure locations in Georgia and nationwide.

Federal regulators shut down Freedom Bank of Georgia. It’s the 17th federally insured bank in the nation to fail this year.

It had about $173 million in assets and $161 million in deposits as of March 4.

Freedom Bank, in Commerce, Georgia, with $173 million in assets and $161 million in deposits, was shut by the state’s Department of Banking and Finance and the Federal Deposit Insurance Corp. was named receiver. Northeast Georgia Bank of Lavonia, Georgia, will assume deposits, the FDIC said.

The Federal Deposit Insurance Corp. says Northeast Georgia Bank will assume the bank’s deposits. It’s four branches will reopen Monday as offices of Northeast Georgia Bank.

“Customers of both banks should continue to use their existing branches until Northeast Georgia Bank can fully integrate the deposit records of Freedom Bank of Georgia,” the FDIC said.

(Associated Press)

Fewer banks see 3Q profit

Nearly half of Georgia's insured banks are not making any money. A 3rd quarter report by the Federal Deposit Insurance Corporation, or FDIC, which insures banks and savings and loans, says 41% of Georgia's institutions were unprofitable. In the 3rd quarter of 2007, the FDIC reports only 12% of Georgia's banks and savings and loans were unprofitable.

(Atlanta Business Chronicle)