Bankruptcy

Ninth Georgia Bank Goes Down: FDIC Closes FirstCity Bank In Stockbridge

By Scott Riddle

FirstCity Bank in Stockbridge was closed by the FDIC today.  It is the ninth Georgia bank closed in the last seven months.  Unlike the previous closings, the FDIC did not find a buyer for the Bank.  More information is available at the FDIC website.

 From the Atlanta Business Chronicle:

Stockbridge-based FirstCity Bank, which survived two World Wars and the Great Depression, was seized by state and federal bank regulators late Friday, according to an announcement by the Federal Deposit Insurance Corp.

The bank, founded in 1905 as Bank of Gibson, has been seized by the FDIC with no buyer for its $278 million in deposits or five branch offices in Gibson, McDonough or Stockbridge.

Customers of FirstCity will not have immediate access to their money, because regulators could not find a buyer for the bank's deposits.

This is the first seizure without a buyer in Georgia since the banking collapse...
Direct deposits from the federal government, such as Social Security payments, will be transferred to SunTrust Banks Inc, the FDIC said. Depositors should call (877) 367-2719 for additional information.

Full post as published by Georgia Bankruptcy Blog on March 20, 2009 (boomark / email).