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South Georgia Bank Closed By Feds
United Security Bank Based In Sparta
POSTED: 5:34 pm EST November 6,
2009
SPARTA, Ga. -- Regulators shut down United Security Bank, a small bank in south Georgia, bringing the number of bank failures this year to 116 amid the struggling economy and a cascade of defaults on loans.The Federal Deposit Insurance Corp. on Friday took over United Security Bank, based in Sparta, Ga., with $157 million in assets and $150 million in deposits and two branches. Ameris Bank, based in Moultrie, Ga., agreed to assume the assets and deposits of the failed bank.The failure of United Security Bank is expected to cost the federal deposit insurance fund an estimated $58 million.
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