WASHINGTON, March 20 (Reuters) - U.S. bank regulators on Friday closed FirstCity Bank of Stockbridge, Georgia, the 18th U.S. bank to fail this year as the struggling economy and falling home prices take their toll on financial institutions.
The Federal Deposit Insurance Corp said FirstCity Bank had $297 million in assets and $278 million in deposits as of March 18. The failure is expected to cost the FDIC deposit insurance fund about $100 million.
The FDIC has approved the payout of insured deposits and will mail checks to insured depositors on Monday. The FDIC insures up to $250,000 per account.
(Reporting by Karey Wutkowski) Keywords: FINANCIAL FIRSTCITYBANK/FAILURE (E-mail:karey.wutkowski@thomsonreuters.com +1 202 898 8399) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The Federal Deposit Insurance Corp said FirstCity Bank had $297 million in assets and $278 million in deposits as of March 18. The failure is expected to cost the FDIC deposit insurance fund about $100 million.
The FDIC has approved the payout of insured deposits and will mail checks to insured depositors on Monday. The FDIC insures up to $250,000 per account.
(Reporting by Karey Wutkowski) Keywords: FINANCIAL FIRSTCITYBANK/FAILURE (E-mail:karey.wutkowski@thomsonreuters.com +1 202 898 8399) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.