Regulator closes Georgian Bank, names FDIC receiver

Mon. September 28, 2009; Posted: 05:02 AM

Sep 28, 2009 (Datamonitor via COMTEX) -- FCIS | Quote | Chart | News | PowerRating -- The Georgia Department of Banking and Finance has closed Georgian Bank, and appointed the Federal Deposit Insurance Corporation as receiver.

To protect the depositors, the Federal Deposit Insurance Corporation (FDIC) entered into a purchase and assumption agreement with First Citizens Bank and Trust Company, Columbia, South Carolina, to assume all of the deposits of Georgian Bank.

The five branches of Georgian Bank have reopened as branches of First Citizens Bank. In addition to assuming all of the deposits of the failed bank, First Citizens Bank agreed to purchase essentially all of the assets.

The FDIC and First Citizens Bank entered into a loss-share transaction on approximately $2 billion of Georgian Bank's assets. First Citizens Bank will share in the losses on the asset pools covered under the loss-share agreement.

According to the FDIC, the loss-sharing arrangement is projected to maximize returns on the assets covered by keeping them in the private sector. The agreement also is expected to minimize disruptions for loan customers.

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