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Georgia’s FirstCity Bank becomes 18th failure of 2009

Fri, 20th March, 2009 - Posted by Joshuah

Stockbridge, Ga.-based FirstCity Bank was closed by regulators Friday, marking the 18th U.S. bank failure of 2009. The Federal Deposit Insurance Corporation said in a statement that it will mail checks to insured depositors Monday morning, and that FirstCity’s direct deposits from the federal government such as Social Security and Veterans’ payments will be transferred to SunTrust Banks Inc.  FirstCity had $297 million in assets and $278 million in deposits as of March 18, the FDIC said.

Source: MarketWatch

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Category : Economics