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Friday, November 06, 2009
Georgia's United Security Year's 116th Failed Bank
By Wallace Witkowski
MarketWatch Pulse
SAN FRANCISCO -- United Security Bank of Sparta, Ga, became the 116th U.S. bank of the year to fail, according to the Federal Deposit Insurance Corp. on Friday. Ameris Bank of Moultrie, Ga. will purchase the bank's assets and assume all of the deposits at a 0.36% premium. As of Sept., United Security had total assets of $157 million and total deposits of about $150 million. The FDIC and Ameris Bank entered into a loss-share transaction on about $123 million of United Security Bank's assets. The failure also brings the year's tally of failures to 21 in Georgia, which leads the nation in bank failures this year.
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