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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.

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.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.

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