The Federal Deposit Insurance Corporation (FDIC) took over the 95th bank this year, the 19th in Georgia. Georgian Bank, Atlanta, Georgia, was closed on Friday, September 25, 2009 by the Georgia Department of Banking and Finance, which has appointed the FDIC as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with First Citizens Bank and Trust Company, Inc., Columbia, South Carolina, to assume all of the deposits of Georgian Bank.
The five branches of Georgian Bank will reopen on Monday as branches of First Citizens Bank. Depositors of Georgian Bank will automatically become depositors of First Citizens Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until First Citizens Bank can fully integrate the deposit records of Georgian Bank.
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