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First Citizens assumes failing bank

LAWRENCEVILLE - Georgian Bank's five branches, including the Gwinnett Banking Office in Lawrenceville, will reopen Monday as First Citizens Bank.

Atlanta-based Georgian Bank was closed Friday by state and federal regulators. The Federal Deposit Insurance Corp. (FDIC) entered into a loss-share transaction with First Citizens Bank and Trust Co. of South Carolina, according to a news release.

First Citizens will assume Georgian's $2 billion in assets and $2 billion in deposits. The FDIC estimates the cost to the Deposit Insurance Fund will be $892 million.

During the weekend, those with Georgian Bank accounts can access their money by writing checks or using their ATM or debit cards, the news release states. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

Customers with questions can call the FDIC toll-free at 1-800-405-1498 from 9 a.m. to 6 p.m. today, noon to 6 p.m. Sunday and 8 a.m. to 8 p.m. thereafter. Information is also available online at www.fdic.gov/bank/individual/failed/georgian.html.

Georgian Bank is the 95th FDIC-insured institution to fail in the nation this year and the 19th in Georgia.