5:53 am June 28, 2010, by Henry Unger
Congressional leaders may have just reached a deal on financial reform, but banks keep failing in Georgia.
The latest: First National Bank of Savannah, reports AJC staffer Peralte Paul.
The bank’s tagline was, “We’re always here — like the sunrise over Savannah,” wrtes Paul. But the sun set Friday when federal regulators seized the institution.
It is the ninth Georgia-based bank to fail this year and the 39th in the state to be seized since 2008, Paul reports.
The Federal Deposit Insurance Corp. said Savannah Bank, which has more than $1 billion in total assets, will assume First National’s deposits, Paul reports.
First National had $252.5 million in total assets and $231.9 million in deposits at the end of March.
The FDIC estimates the cost to its Deposit Insurance Fund will be $68.9 million.
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