Bank Closed In Georgia Makes 10 Failures In 2012

WASHINGTON (AP) — Regulators have closed a small bank in Georgia, increasing to 10 the number of U.S. bank failures this year.

That represents a slower pace than last year, when there were 92 bank closures.

The Federal Deposit Insurance Corp. on Friday seized Central Bank of Georgia, based in Ellaville.

The bank had about $278.9 million in assets and $266.6 million in deposits as of Dec. 31.

Ameris Bank, based in Moultrie, Ga., agreed to assume Central Bank's deposits and essentially all of its assets.

The failure of Central Bank of Georgia is expected to cost the deposit insurance fund $67.5 million.