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FirstCity of Georgia seized

March 21, 2009|TIMES WIRE REPORTS

FirstCity Bank of Stockbridge, Ga., was seized by regulators, becoming the 18th U.S. bank to fail this year, as foreclosures surged to a record amid a recession and the highest unemployment in a quarter of a century.

FirstCity, with $297 million in assets and $278 million in deposits, was shut by the Georgia Department of Banking and Finance, and the Federal Deposit Insurance Corp. was named receiver.

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