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Regulators shut Ga. bank; 41st to fail this year

Fri Jun 19, 2009 6:30 PM EDT
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Associated Press
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WASHINGTON — Regulators have shut down Community Bank of West Georgia, marking the 41st failure this year of a federally insured bank.

The Federal Deposit Insurance Corp. was appointed receiver of the failed bank, based in Villa Rica, Ga. It had $199.4 million in assets and $182.5 million in deposits as of May 15.

The FDIC says it will mail checks to depositors for the amounts of their insured funds. Direct deposits from the government, such as Social Security and veterans' benefits, will be transferred to United Community Bank in Blairsville, Ga.

© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Diro-783737

More shapes of things to come on this plane of consumerism. The banks failures for 2009 & 2010 are forecast to accelerate due to the commercial real estate crash.

see: http://ml-implode.com/

http://www.youtube.com/watch?v=LrH_hToGwN4

and if you are really brave, check out:

FAILING ECONOMY 220,000 RETAIL STORES TO CLOSE 2009 !!!

http://www.youtube.com/watch?v=03dL1zIa8hg

    Reply#1 - Sat Jun 20, 2009 12:01 PM EDT
    OldPhartbsa

    The article also mentions that the purchasing banks will share losses with the FDIC. The banks get 20% of the losses, the FDIC 80%. This is another taxpayer funded bail out that had no congressional review.

      Reply#2 - Sat Jun 20, 2009 5:49 PM EDT
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