Regulators close bank in Georgia

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LOS ANGELES (AP) — Regulators say they have closed a bank in Georgia, bringing to 88 the number of bank failures in the U.S. this year.

The Federal Deposit Insurance Corp. on Thursday seized Community Bank of Rockmart, based in Rockmart, Ga.

The bank had about $62.4 million in assets and $55.9 million in deposits as of Sept. 30.

Century Bank of Georgia, based in Cartersville, Ga., has agreed to assume all of Community Bank’s deposits and buy $40.7 million of the failed bank’s assets.

The failure of Community Bank of Rockmart is expected to cost the deposit insurance fund $14.5 million.

The lender is the 23rd bank to fail in Georgia this year.