It’s time for the weekly take-over of failing banks. So far this afternoon there’s been one bank closed by government regulators (details below). It’s the 95th bank closure this year. I’ll update with a new post if there are any more that close after 5 p.m.
Georigan Bank of Atlanta was closed, then taken over by First Citizens Bank and Trust of Columbia, S.C. Estimated cost to the FDIC: $892 million.