The FirstCity Bank in Stockbridge, Georgia was closed today and the FDIC was appointed as receiver. As of March 18, 2009, FirstCity had total assets of $297 million and total deposits of $278 million. At the time of closing, the bank had approximately $778,000 in deposits that exceeded the insurance limits. The FDIC estimates the cost of the failure to its Deposit Insurance Fund to be approximately $100 million.
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