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Friday, November 21, 2008
Georgia's Community Bank Closes, Bought by Bank of Essex
By Adam Samson
FOXBusiness
Community Bank became the latest in a string of retail bank failures in the last few weeks.
The Georgia-based bank was closed by the Georgia Department of Banking and Finance and put into Federal Deposit Insurance Corporation receivership Friday evening.
Bank of Essex, based in Tappahannock, Va., will acquire all of Community’s deposits and branches. As a result, all deposits will be protected and accessible as usual, the release said. Customers’ accounts at Essex will also be insured by the FDIC.
Community Bank had $681.0 million in assets as of October 17, and Essex acquired about $84 million of those assets in addition to the deposits it claimed. The FDIC says it will hold on to the remaining assets for sale at a later date.
This makes the third bank to be closed by regulators in November, according to the FDIC's Web site.
Customers of Community Bank can log on to http://www.fdic.gov or call 888-206-4662 with any questions regarding bank closings.
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