On Friday, the Georgia Department of Banking and Finance closed Century Security Bank, headquartered in Duluth, Georgia, and theFDIC was named receiver. As receiver, the FDIC entered into a purchase and assumption agreement with Bank of Upson, headquartered in Thomaston, Georgia, to assume all of the deposits of Century Security Bank.
As of December 31, 2009, Century Security Bank had approximately $96.5 million in total assets and $94 million in total deposits. Bank of Upson did not pay the FDIC a premium for the deposits of the failed bank, but did agree to purchase essentially all of the failed bank's assets. The FDIC and Bank of Upson entered into a loss-share transaction on $81.5 million of Century Security Bank's assets.