Another Georgia Bank Fails
Press release from the issuing company
Tuesday, January 18th, 2011
A small coastal Georgia bank failed Friday, marking the first such failure of 2011 in the state and the 52nd since mid-2008.
Georgia's Department of Banking and Finance closed Oglethorpe Bank of Brunswick. Oglethorpe Bank and its deposits will be acquired by Bank of the Ozarks, which is based in Little Rock, Ark. As of Sept. 30, Oglethorpe Bank had approximately $230.6 million in total assets and $212.7 million in total deposits.
The Federal Deposit Insurance Corp. estimated that the closure will cost the regulator's insurance fund $80.4 million. "Compared to other alternatives, Bank of the Ozarks' acquisition was the least costly resolution," the agency said in a statement.
