Georgia Lender Becomes This Year’s 88th Failed Bank

""Community Bank of Rockmart"":http://www.communitybankofrockmart.com/ ran its business from a single branch location in Rockmart, Georgia. The bank had $55.9 million in deposits and assets totaling $62.4 million.
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It became the 88th ""FDIC-insured institution to fail"":http://www.fdic.gov/bank/individual/failed/banklist.html in the nation this year and the 23rd in Georgia when state regulators shuttered its doors late last week.

The FDIC brokered a deal with ""Century Bank of Georgia"":http://www.centurybanknet.com, headquartered in Cartersville, to assume the deposits of Community Bank of Rockmart.

Century Bank also agreed to purchase approximately $40.7 million of the failed bank's assets.

The FDIC will retain the remaining assets for later disposition. Community Bank of Rockmart's closing is expected to cost the FDIC $14.5 million.