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Two more Georgia banks fail Friday | Business

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Two more Georgia banks fail Friday
Business

ATLANTA -- Regulators have shut down two more Georgia banks adding to the ranks of bank failures around the nation.

The FDIC seized Park Avenue Bank in Valdosta with $953.3 million in assets and First Choice Community Bank in Dallas, with $308.5 million in assets.

Bank of the Ozarks in Little Rock, Ark., has acquired the banking operations and all deposits of the two banking institutions. All 19 branches of the two Georgia institutions will open Saturday as branches of Bank of the Ozarks.

Depositors of the two failed banks will automatically become depsitors of Bank of the Ozarks.

In addition to the two Georgia institutions, three other banks in Florida and Michigan failed and were seized by federal regulators on Friday, bringing the total number of bank failures in the US to 39 this year.

Business