Enterprise Banking Co. of McDonough was closed Friday by state bank regulators, becoming the second institution to fail in Georgia in 2011.
The bank is the 53rd failure in Georgia since mid-2008, more than any other state in that time.
Unlike most failed banks in the state, Enterprise was shut down without a buyer to take over its operations.
The Federal Deposit Insurance Corp., to protect consumer deposits, said it would create a temporary bank to allow Enterprise customers access to their accounts and time to transition to a new institution.
At the time of closure, all insured deposits, except for brokered deposits, CDs and IRAs were transferred to the temporary bank.
The regulator said it would mail checks for the balance of CDs and IRAs to customers.
Holders of so-called brokered deposits, typically high-interest accounts placed through the Internet or third parties, should contact their brokers, the FDIC said.
Deposits are insured up to $250,000.
Branches of Enterprise will reopen Monday as the temporary Deposit Insurance National Bank of McDonough, which will remain open under limited hours until Friday.
Normal banking activities such as debit and check transactions can continue uninterrupted through Wednesday. The FDIC will mail checks to account holders who do not close their accounts by Friday.
Enterprise had $100.9 million in total assets and $95.5 million in total deposits as of Sept. 30.
The cost of the failure to the FDIC fund is approximately $39.6 million.
The last bank to fail in Georgia without a buyer was RockBridge Commercial of Sandy Springs in December 2009.