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Another bank in Georgia goes under
By MarketWatch
Last Update: 5:52 PM ET Nov 6, 2009
SAN FRANCISCO (MarketWatch) - Another bank went under in Georgia Friday afternoon.
United Security Bank of Sparta, Ga. became the 116th U.S. bank of the year to fail, according to the Federal Deposit Insurance Corp. Ameris Bank of Moultrie, Ga. will purchase the bank's assets and assume all of the deposits at a 0.36% premium.
As of September, United Security had total assets of $157 million and total deposits of about $150 million. It operates two branches, one of them called Bank of Woodstock.
They will reopen under the Ameris name. Over the weekend, United Security customers can continue to access their money by writing checks or using ATM cards.
The last time more than 100 banks failed in a single year was 1992. By number, banks in Georgia account for one-fifth of all U.S. banks closing in 2009, with 21 failures, followed by Illinois with 19, California with 13, and Florida with nine.
Ameris Bank will pay the FDIC a premium of 0.36 percent to assume all of the deposits of United Security Bank.
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