8 months ago
Regulators have shut down Community Bank of West Georgia, marking the 41st failure this year of a federally
insured bank.
Later, another Georgia bank, Neighborhood Community Bank of Newnan, also was shut down.
The Federal Deposit Insurance Corp. was appointed receiver of the failed banks.
Community Bank of West Georgia, based in Villa Rica, had $199.4 million in assets and $182.5 million in deposits as of May 15th. '
The FDIC says it will mail checks to depositors for the amounts of their insured funds. Direct deposits from the government, such
as Social Security and veterans' benefits, will be transferred to United Community Bank in Blairsville, Ga.
CharterBank of West Point, Ga., will assume all deposits of Neighborhood Community Bank, which had total assets of $221.6
Associated Press
