FDIC Takes Over the Bank of Ellijay

On Friday, September 17th 2010 the FDIC announced that it has shut down The Bank of Ellijay. It was estimated at $168.8 million in assets. Community and Southern, the same bank that took over of Gilmer County Bank, one of the most popular banks in Ellijay and East Ellijay, has agreed to assume the assets and deposits of Bank of Ellijay too. That makes 14 Georgia banks that have gone under this year alone.

It is estimated that the failure of The Bank of Ellijay will cost the deposit insurance fund approximately 55 million dollars.

This information was sourced from the CBS News website and Yahoo Finance.

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