Georgia bank closed by U.S. Regulators; 95th failure

On Friday Georgian Bank in Atlanta has been closed by regulators, it was an institution that catered to wealthy property developers and it has became the 95th U.S. bank that has failed so far this year.

fdic-money

Federal Deposit Insurance Corp

It has been notified by the Federal Deposit Insurance Corp that Georgian Bank, that has got five branches, had about $2 billion in assets and $2 billion in deposits.

Georgia banks hard hit by Financial crisis

Banks that provide their services at Georgia have been especially hard hit by the financial crisis, where home building outstripped demand. Out of 95 banks that have failed this year nineteen have been based in Georgia.

The FDIC said that it is anticipated that the failure is going to to cost its dwindling insurance fund about $892 million.

Bank regulators will meet next week

Next week the bank regulators will meet in order to propose ways the FDIC can replenish the fund, which stood at $10.4 billion at the end of the second quarter, from $45 billion a year earlier.

FDIC has $32 billion in reserves for handling failures

It has also been told by the FDIC says that it has an additional $32 billion in reserves for handling failures over the next year.

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