FDIC Shuts Bank in Ga.; 7th Failure This Year

WASHINGTON (AP) - Regulators have closed FirstBank Financial
Services in Georgia, the seventh failure this year of a federally
insured bank.

The Federal Deposit Insurance Corp. was appointed receiver of the McDonough, Ga.-based bank. It had $337 million in assets and $279 million in deposits as of Dec. 31.

The FDIC says the failed bank's deposits will be assumed by Regions Bank in Birmingham, Ala. Its four branches will reopen Monday as offices of Regions Bank.

Regions Bank also agreed to buy around $17 million of FirstBank's assets; the FDIC will retain the rest for eventual sale.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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