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United Security Bank, Sparta, Georgia, was closed by the Georgia Department of Banking and Finance, which appointed the FDIC as receiver.
The two branches of United Security Bank will reopen during their normal business hours as branches of Ameris Bank.
According to the FDIC as of September 14, 2009, United Security Bank had total assets of $157 million and total deposits of about $150 million. Ameris Bank will pay the FDIC a premium of 0.36 percent to assume all of the deposits of United Security Bank. In addition to assuming all of the deposits of the failed bank, Ameris Bank agreed to buy essentially all of the assets.
The FDIC and Ameris Bank entered into a loss-share transaction on about $123 million of United Security Bank’s assets.
Douglas A. McIntyre
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