FREEDOM BANK OF GEORGIA Failed 2009

COMMERCE, GA · State commercial bank, non-Federal Reserve member (FDIC-supervised) · view on FDIC BankFind ↗

What happened

FREEDOM BANK OF GEORGIA of COMMERCE, GA was closed on 2009-03-06. The FDIC was named receiver.

Resolution: Purchase & Assumption — acquiring bank assumed deposits + bought assets

Deposits were transferred to NORTHEAST GEORGIA BANK (LAVONIA, GA). Customers became depositors of the acquiring bank automatically.

Key facts

FDIC ID
3610
FDIC Certificate
57558
FDIC FIN
10044
Bank name
FREEDOM BANK OF GEORGIA
Location
COMMERCE, GA
Failure date
2009-03-06
FDIC resolution date
2009-03-06
Charter type
State commercial bank, non-Federal Reserve member (FDIC-supervised)
Resolution type
Purchase & Assumption — acquiring bank assumed deposits + bought assets
FDIC DIF cost (est.)
$43M
Deposits at failure
$159M
Assets at failure
$172M
Acquiring bank
NORTHEAST GEORGIA BANK (LAVONIA, GA)