The AJC tells us that the First National Bank of Savannah has failed:
On Friday federal regulators seized the institution, making it the ninth Georgia-based bank to fail this year and the 39th in the state to be seized since 2008.
The Federal Deposit Insurance Corp. said Savannah Bank, which has more than $1 billion in total assets, will assume First National’s deposits for a premium of 0.11 percent and will purchase some of its assets.
First National had $252.5 million in total assets and $231.9 million in deposits at the end of March.
The FDIC estimates the cost to its Deposit Insurance Fund will be $68.9 million.
The last bank to fail in Georgia was also a coastal area one, when the Satilla Community Bank of St. Marys was closed on May 14th. Perhaps we can try for a July without a bank seizure?