BUSINESS BRIEFING / BANKING
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Regulators have shut down Freedom Bank of Georgia, marking the 17th failure this year of a federally insured bank.
The Federal Deposit Insurance Corp. has been appointed receiver of the bank, located in Commerce, Ga. It had about $173 million in assets and $161 million in deposits as of Wednesday.
The FDIC says the bank’s deposits will be assumed by Northeast Georgia Bank, located in Lavonia. Its four branches will reopen Monday with the new name.
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