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US Regulators Close Bank In Georgia

By Victoria McGrane

Published July 30, 2010

| Dow Jones Newswires

WASHINGTON -(Dow Jones)- U.S. regulators closed NorthWest Bank and Trust of Acworth, Ga., the 104th bank to fail this year and the 11th in the state.

The Georgia Department of Banking and Finance seized the two-branch bank, which had approximately $167.7 million in assets and $159.4 million in deposits as of March 31.

The Federal Deposit Insurance Corp. arranged for Macon-based State Bank and Trust Co. to assume all of the failed bank's deposits and essentially all of its assets.

The FDIC said the failure is expected to cost the agency's deposit-insurance fund about $39.8 million.

Copyright © 2010 Dow Jones Newswires

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