Georgia Bank Closed By Federal Regulators

    WASHINGTON (AP) - Regulators have shut down Freedom Bank of
Georgia, marking the 17th failure this year of a federally insured
bank.
    The Federal Deposit Insurance Corp. has been appointed receiver
of the bank, located in Commerce, Ga. It had about $173 million in
assets and $161 million in deposits as of March 4.
    The FDIC says the bank’s deposits will be assumed by Northeast
Georgia Bank, located in Lavonia, Ga. Its four branches will reopen
Monday as offices of Northeast Georgia Bank.
   
    (Copyright 2009 by The Associated Press.  All Rights Reserved.)