State and federal regulators closed the Woodbury Banking Co. Friday — about halfway between Atlanta and Columbus — the first such institution to fail in Georgia in more than 10 months.
United Bank in Zebulon acquired the failed bank’s deposits from the Federal Deposit Insurance Corp., the federal agency that guarantees depositors’ money up to certain limits. United also bought $17.8 million of the bank’s assets.
The FDIC said the Woodbury bank’s single branch will re-open as United Bank, and customers’ deposits will automatically transfer to the new institution.
The FDIC said it expects losses at the failed bank to cost its deposit insurance fund about $5.2 million. Woodbury Banking Co. had about $21 million in assets and about the same amount in deposits.
The Woodbury bank’s failure is the 91st in Georgia since mid-2008, but the pace of such failures across the nation has plunged in recent years as the economy has recovered.
This is the fourth such institution to fail this year in the United States, according to the FDIC. The last Georgia bank to fail was The Bank of Georgia, in Peachtree City, last October.
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