Bank Failure Friday Gets Three More GA Institutions

We know the routine all too well. Three more Georgia banks were among the seven closed nationwide yesterday by the FDIC.

Closed were the Appalachian Community Bank in Ellijay, Bank of Hiawassee in Hiawassee, and Century Security Bank in Duluth.

Disposition of the assets of the banks is as follows, according to the AP:

— Community & Southern Bank of Carrollton, Ga., agreed to assume the deposits and assets of Appalachian Community Bank. The bank had $1 billion in assets and about $917.6 million in deposits. The cost to the insurance fund is expected to be $419.3 million.

— Citizens South Bank of Gastonia, N.C., will assume the deposits and assets of Bank of Hiawassee. Bank of Hiawassee had about $377.8 million in assets and $339.6 million in deposits. The failure is expected to cost the insurance fund $137.7 million.

— Bank of Upson, based in Thomaston, Ga., agreed to assume the assets and deposits of Century Security Bank, which had $96.5 million in assets and $94 million in deposits. It is expected to cost the insurance fund $29.9 million.