1 Bank Closed on Jan. 14

3rd Failed Institution of 2011
1 Bank Closed on Jan. 14
One bank was closed by state and federal regulators on Friday, Jan. 14. This closing marks the third failed banking institution of 2011.

The latest failure is:

Oglethorpe Bank, Brunswick, Georgia

Oglethorpe Bank, Brunswick, Georgia, was closed by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Bank of the Ozarks, Little Rock, Arkansas, to assume all of the deposits of Oglethorpe Bank.

The two branches of Oglethorpe Bank were to reopen during their normal business hours beginning Saturday as branches of Bank of the Ozarks. Depositors of Oglethorpe Bank will automatically become depositors of Bank of the Ozarks.

As of September 30, 2010, Oglethorpe Bank had approximately $230.6 million in total assets and $212.7 million in total deposits.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $80.4 million.

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