The Georgia Department of Banking and Finance has closed Rockmart, Ga.-based Community Bank of Rockmart and appointed the Federal Deposit Insurance Corp. (FDIC) as receiver.
The FDIC, in turn, has entered into a purchase-and-assumption agreement with Cartersville, Ga.-based Century Bank of Georgia to assume all of the failed bank's deposits and purchase approximately $40.7 million of Community Bank of Rockmart's assets.
As of Sept. 30, Community Bank of Rockmart had approximately $62.4 million in total. The FDIC will retain the remaining assets for later disposition.
The bank failure is expected to cost the FDIC's insurance fund $14.5 million. Community Bank of Rockmart is the 88th FDIC-insured bank to fall this year.