Another Georgia bank fails — the 4th this year

First Georgia Community Bank in Jackson was seized by federal and state regulators Friday — becoming the fourth institution in Georgia and 23rd nationwide to crumble this year.

The Federal Deposit Insurance Corp. said it entered a purchase and assumption agreement with Zebulon-based United Bank, which will take over First Georgia’s total deposits of $197.4 million. United Bank, which is paying a 0.811 percent premium for the deposits, also will buy about $60.6 million of First Georgia’s total assets of $237.5 million.

The FDIC said it is keeping the remaining assets for disposition at a later time.

First Georgia’s four branches in Jackson, Covington, Griffin and Locust Grove are all scheduled to open Saturday as United Bank locations. Customers can access their funds and use their ATM cards and checkbooks as normal.

First Georgia Community Bank recently ranked sixth on a list of Georgia banks with a high Texas ratio, which is aimed at gauging a financial institution’s risk of running into financial difficulty. The number compares the level of problem loans to the amount of capital and reserves available.

• First Georgia Community Bank on Friday became the fourth bank in Georgia to fail this year.

Failed bank………………….Est. cost to FDIC

Integrity Bank………………….$250-$350 million

The Community Bank………………$200-$240 million

Alpha Bank & Trust………………$158 million

First Georgia Community Bank……..$72.2 million

Source: Federal Deposit Insurance Corp.