Today, the Georgia Department of Banking and Finance closed FirstCity Bank, headquartered in Stockbridge, Georgia and appointed the FDIC as receiver. The FDIC then approved a payout of FirstCity Bank's insured deposits.

As of March 18, 2009, First City Bank had total assets of approximately $297 million and total deposits of $278 million. The FDIC reported that, at the time of closing, FirstBank had approximately $778,000 in deposit accounts that exceeded the federal deposit insurance limit.

The FDIC estimates the cost to the Deposit Insurance Fund will be $100 million. First City Bank is the eighteenth bank to fail in the nation this year and the third in Georgia.