Georgia Bank Is 23rd Failure In U.S. This Year

All $197.4 million in deposits were transferred to United Bank of Zebulon, Georgia.

First Georgia Community Bank, a small institution with $237.5 million in assets, was closed by state regulators on Friday, marking the 23rd U.S. bank failure this year.

All $197.4 million in deposits were transferred to United Bank of Zebulon, Georgia, and the failed bank and its offices will reopen as branches of United Bank, the U.S. Federal Deposit Insurance Corp said. First Georgia had branches in Jackson, Covington, Griffin and Locust Grove.

United Bank will also buy about $60.6 million of First Georgia's assets, the FDIC said.

The bank failure will cost the FDIC's deposit insurance fund an estimated $72.2 million, the agency said.

First Georgia Community Bank, the failed bank, is not affiliated with First Georgia Banking Co., the FDIC said.